The amount of people over the age of 55 releasing equity from their homes rose to its highest level since 2004 during the second quarter of 2014.
Data from the Equity Release Council (ERC) has revealed that homeowners withdrew £325.6 million during the three-month period, taking the total released between January and June to £641.2 million - the largest ever six-month figure.
The first half of the year saw a big increase in the amounts taken out as a lump sum, with an annual increase of 48 per cent to £260.3 million. That suggests that more people want more of their money out in one go, whether to fund home enhancements, settle their existing debts, help their children put down a deposit , treat themselves to something special, or supplement their pension.
Nigel Waterson is the chairman of the ERC, and he muses that `while the majority of customers continue to opt for drawdown products offering income in regular instalments, it is interesting to see the shift towards lump sum products over the past few years`.
At First Choice Finance we can arrange life time mortgages on a draw down or lump sum basis from our equity release lender panel. Our quotes are without obligation and only if you`re happy with what you see, we`ll get the money released to you efficiently.
Find out more about equity release through firstchoicefinance.co.uk or call us for free on 0333 003 1505 or 0800 298 3000.
Homeowner Secured Loans
Rates From 7.1% APRC
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At 4.6% Variable, £461.95 for
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£138,585. Total Cost Of
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