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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