New lending in the equity release sector totalled £1.5bn in the third quarter of 2022, which is a new record. This rose from a total of £1.05bn last year, as the average borrower released £114,354 from their property during this quarter.
Borrowers in London unlocked the most wealth at an average of £261,946 per household. Equity released by homeowners in the South East, South West and West Midlands exceeded £100,000 respectively.
For many homeowners, releasing equity from their property is an ideal way of boosting a retirement pension pot, funding home improvements or paying for a trip of a lifetime, without having to downsize or make monthly payments on a more traditional bank loan.
Here at The Financial Planning Group we have been advising our clients regarding the availability of newer, more flexible, methods of borrowing – by demystifying equity release and lifetime mortgage products – we can offer strategic benefits when considering Inheritance Tax exposure or in helping a family member on to the property ladder.
Please e-mail Steve.Padgham@fpgonline.co.uk or call him on 020 8614 4782 to find out more information or to arrange a meeting at our offices in central Teddington.