Increasing numbers of older homeowners are choosing to release equity, latest figures1 reveal, with cost-of-living pressures the main reason for tapping into 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
1Equity Release Council, 2023
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