Almost 40,000 families have used equity release products in the first six months of 2018, according to data from the Equity Release Council.
Equity release gives homeowners flexibility to access investment held in their homes, using products such as a lifetime mortgage, home reversion scheme or a retirement interest-only mortgage.
According to the Equity Release Council, the reason for the increase in the number of homeowners using equity release has been attributed to providers offering consumers greater choice in products and cheaper rates. This year, equity release products are on the rise as in August 2018 there were 139 equity release products available to households - which is up from 58 in 2016.
Furthermore, the cost of equity release products has decreased too, in July 2017, average interest rates fell to 5.22%. By way of comparison, last year it was 5.27% and 5.96% two years ago.
If you are considering equity release, why not give our team a call on 01606 74301?