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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.
Aviva refused to waive the exit charge despite the family's ordeal
Dead reckoning
More people are opting to repay their mortgage for more than the standard 25 years as it makes the monthly bill lower - but it increases interest overall.
Mortgage terms are getting longer. While it has long been the standard for homeowners to choose a 25-year term, it is now common practice to repay a home loan