Page 2 - Will Hale News Today

Most older homeowners – 70% of the 1,000 asked by Key – have no plans to downsize. And although 29% of survey participants say they do plan to downsize within the next five years, the equity release lender found that only 13% of over-75s went ahead and did so. When asked why they did not want to downsize, 31% replied

The later-life lending market has experienced phenomenal growth in recent times, due in part to greater life expectancy and rising house prices but also to soaring inflation. Once the reserve of specialist advisers, the sector is starting to steer towards the mainstream market and is increasingly on brokers’ radar.

The equity release market lifted 27% to hit a record £5.58bn of new lending last year, although loans in the final quarter of the year were knocked by the government’s mini-Budget, data from Key Later Life Finance shows.   Plan sales grew by 25% to 52,295 compared with the previous year, according to the later life

Some 30% of those over 55s say that their ability to repay their mortgage will be hindered due to the cost-of-living crisis, according to the latest data from Key. Key suggests this equates to around 879,000 mortgage plans "being derailed". Of those 3.3m over-55s who have yet to repay their mortgage, 16% say they

Market upheaval has left borrowers ultimately owing tens of thousands of pounds more

A total of £2.1bn has been given to relatives by grandparents and parents since January 2020, research from Key Later Life finance shows. This makes up 17% of the total amount of money taken from equity release in the same amount of time - £12.1bn. The data is broken down by region and shows that people in London

Record numbers are freeing up money from their homes to cope with the UK’s cost of living squeeze

The profile of customers using equity release is changing due to the ongoing market developments and economic factors, Key chief executive Will Hale reveals speaking to Mortgage Strategy. With higher product rates and more restricted product ranges, Hale explains that almost 80% of new customers inquiring about

New equity release lending hit £1.5bn in the third quarter with the average customer borrowing more than £114,000, according to adviser Key Later Life Finance.   Plan sales lifted by 29% to 13,341 in the three months to the end of September compared with the same period last year, says the lender’s latest quarterly

Between July and September UK consumers accessed over £1.7 billion through equity release, according to the Equity Release Council (ERC). This is a record high as over 25,500 homeowners released cash from their home during this period, said the sector’s trade body.