Credit, collections & insolvency news
Latest figures from the Equity Release Council has indicated that lending has decreased. The figures show that total annual lending in 2023 was £2.6 billion following a record-breaking £6.2 billion in 2022, returning the market to the level of activity last seen between 2016 to 2017 (£2.1 billion to £3.1 billion). New and returning equity…
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Nearly two thirds of people who are receiving financial support from their families, are receiving their funds from the equity of that relative’s home, according to new research from Hodge. A recent study looking at how families are working together to purchase property, pay off debts and meet rising living costs, found that 61% of…
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New research by 55Plus has found that equity release cases across the industry has rapidly increased this year, as homeowners over 55 look for solutions to combat rising residential mortgage rates. The company says it has witnessed an increase in enquiries from people looking to remortgage, as a direct result. Jan Johnson, Founder and Director of…
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Latest figures from the Equity Release Council for Quarter 2 (Q2) showed that the total equity release lending figure of £664 million was down 5% from the previous quarter, making it the quietest since lending quarter since Q3 2016 when £571 million was lent. The number of active customers in Q2 rose slightly to 17,028,…
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Equity release lending plummeted by 61% to £722 million in the first three months of the year compared to 12 months ago, following turmoil in the mortgage market after the mini-Budget according to research by equity release specialist, Key. The data showed that plan sales dropped from 12,551 to 6,975 while the value of new…
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Households made an unprecedented £23.3 billion of mortgage overpayments last year, or £64 million per day, as mortgage rates spiked in the wake of the mini-budget new data from the Equity Release Council has revealed. The September fiscal statement prompted those able to do so to make lump sum payments and reduce their loan sizes…
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Homeowners borrowed £6.2 billion against the value of their properties through equity release in 2022, with this marking a 29% increase on 2021’s total latest Equity Release Council figures have indicated. The figures show that the total has more than doubled in size since 2017, when £3.06 billon was released. The number of owners who…
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New equity release lending hit £1.5bn in the third quarter with the average customer borrowing more than £114,000, according research by adviser company, Key. Plan sales grew by 29% in the three months to September 30th to 13,341 compared with the same quarter last year while the value of new equity released rose to £1.525…
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Homeowners took out 13,452 new equity release plans in the third quarter with total lending hitting a record £1.7 billion, according to the Equity Release Council’s latest statistics. A record number of homeowners aged over 55 have turned to equity release to support their cash-strapped families through the cost of living crisis. According to the…
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Equity release is helping to fund one in every £90 spent by retired people within the UK currently, according to a new report by Legal & General. The report, found that people are increasingly making the most of property wealth. It also forecasted that the equity release market will surpass £12 billion in 2030, with…
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More than £800 billion of equity was available for release in UK homes in Q2 2022, an increase of over £25.6bn in three months and the first time it has exceeded this milestone according to the latest Halifax quarterly regional house price index and analysed by Canada Life. The figures reveal that the total amount…
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Latest quarterly figures from the Equity Release Council have found equity release lending reached a new quarterly high of £1.6 billion in Q2. The rise is the fourth consecutive quarterly period to close with record lending eith the total amount released in the first six months of 2022 surpassing £3.1 billon, a 36 per cent…
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The equity release market is heading towards £6 billion new lending this year after a record first half which saw the average customer release just over £100,000 in property wealth, new data from the UK’s leading equity release adviser Key Later Life Finance shows. The figures show that plan sales grew by 24.5% in the…
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