{"id":1498,"date":"2022-12-01T09:45:50","date_gmt":"2022-12-01T09:45:50","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=1498"},"modified":"2022-12-01T09:46:22","modified_gmt":"2022-12-01T09:46:22","slug":"cost-of-living-prompts-equity-release-surge","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/12\/01\/cost-of-living-prompts-equity-release-surge\/","title":{"rendered":"Cost of living prompts equity release surge"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Equity\nrelease has gained in popularity over recent years, with products enabling homeowners\nover the age of 55 to access equity locked up in their homes while still being\nable to live in their property. With the cost-of-living squeeze upon us, new\nresearch suggests that many homeowners are choosing to release equity to help\nthem with rising costs.&nbsp; <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>According to\nanalysis<sup>1<\/sup> of H1 2022 data from Canada Life, 20% of equity release\napplications were made by customers looking to bolster their everyday living\ncosts. While a further 38% were looking to raise money to pay for home\nimprovements and 50% wanted to use equity release to clear their outstanding\nmortgage.&nbsp; <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Record highs\nin Q2 <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Equity release\nlending figures hit record highs in the second quarter of the year, reaching\n\u00a31.6bn \u2013 representing a 26% year-on-year increase, marking the fourth\nconsecutive quarter of near record figures.&nbsp;\n<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>According to\nthe Equity Release Council (ERC)<sup>2<\/sup> nearly 12,500 new plans were taken\nout by over-55s between April and June 2022 alone. David Burrowes, Chairman of\nthe ERC, commented on the data, <em>\u201cThe fact that hundreds of homeowners are\nnow choosing to release equity each day, based on detailed financial and legal\nadvice, is significant progress from the days when the market was considered an\nunder-developed niche rather than the mainstream option it has become.\u201d&nbsp; <\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>He continued, <em>\u201cRaising\nawareness of how modern equity release products work alongside other financial\nsolutions is essential, so people who are asset-rich but cash-poor can benefit\nfrom the wealth they have built up over their lifetimes and also support those\naround them.\u201d&nbsp; <\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Time to talk\nit through? <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Equity release\nisn\u2019t right for everyone, there are positives and negatives, and careful consideration\nis vital to ensure it is a suitable option for your individual circumstances. To\nfind out more about your options, we can help. Equity Release will reduce the value\nof your estate and can affect your eligibility for means tested benefits.&nbsp;&nbsp; <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Canada\nLife, 2022 <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>2<\/sup>ERC, 2022&nbsp;&nbsp; <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Equity release has gained in popularity over recent years, with products enabling homeowners over the age of 55 to access equity locked up in their homes while still being able to live in their property. With the cost-of-living squeeze upon us, new research suggests that many homeowners are choosing to release equity to help them [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":1499,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,76],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1498"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=1498"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1498\/revisions"}],"predecessor-version":[{"id":1504,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1498\/revisions\/1504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/1499"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=1498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=1498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=1498"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=1498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}