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The Equity Release Market has expanded dramatically as a means to counter the current problems and difficulties experienced by those in retirement. In addition to this, lenders now also offer excellent product flexibility such as monthly interest repayments or voluntary capital repayments and innovative customer features like inheritance protection or downsizing protection. High street lenders and other household names continue to express an interest in entering the lifetime mortgage market. The UK government have also held talks with major players within the Equity Release sector, including the Equity Release Information Centre in an effort to address the issues that go alongside an ageing population.
The over 65’s currently have £1.1 trillion tied up in their UK properties, representing some 60% of their wealth.
With an increasing number of people reporting that the standard of living is declining in retirement, it is not surprising that they are looking to unlock the wealth tied up in their property to supplement their pensions and pay off a lifetime of accrued debt.
It is estimated that 40% of borrowers over the age of 60 have interest-only mortgages.
These are due to mature within the next four years, however, over half of these borrowers lack investment plans to cover the capital repayment needed to clear their debt.
The Equity Release Information Centre has been established since 1985. We joined the voluntary Mortgage Code regulatory regime when it was opened to intermediaries in 2002, and became one of the first equity release brokers in the UK to sign up to the Mortgage Code Compliance Board (MCCB). We became regulated by the Financial Service Authority in 2004 and are currently regulated by the Financial Conduct Authority and proud members of the Equity Release Council.
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