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Just 9% of over-55s went online to search for quotes when they signed their last mortgage held back by the fear that their data security would be breached, says Contact State. The reg tech firm adds this compares with 17% of all adults who went online to compare mortgage and equity release quotes. Its study adds that
Canada Life has found that in the first half of 2022 19.6% of equity release plans taken out were for day-to- day living costs, up from 18.2 per cent in 2019 before the pandemic.
They want to use the loan to pay for renovations and a holiday, but I'm worried about the high interest and how they would fund future care without a home to sell.
The cost of equity release is rising sharply as the Bank Rate increases
Homeowners over the age of 55 took out 12,485 new equity release plans in the three months to the end of June, equivalent to 205 new plans being agreed each working day.