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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.