Date published: 24th Apr 2023
Increasing numbers of older homeowners are choosing to release equity, latest figures* reveal, with cost-of-living pressures the main reason for tapping in to the value of their home.
In total, homeowners used equity release to borrow £6.2bn in 2022, a 29% yearly rise and a doubling in the amount borrowed since 2017. It's not only higher amounts being borrowed; there are now more individual equity release plans too. In 2022, 93,421 people chose to release wealth from their property, up 23% from a year earlier.
Cost-of-living pressures continue to be the main prompt for people choosing to release equity.
A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
- Equity Release Council, 2023