{"id":27078,"date":"2024-11-19T12:23:50","date_gmt":"2024-11-19T12:23:50","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/11\/19\/equity-release-update\/"},"modified":"2024-11-19T15:12:17","modified_gmt":"2024-11-19T15:12:17","slug":"equity-release-update","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/11\/19\/equity-release-update\/","title":{"rendered":"Equity release update"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Data suggests that confidence is growing among new and existing equity release customers.<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Equity release customers rose by 12% in Q2 of this year, with total lending increasing by 15% to \u00a3578m<sup>1<\/sup>. There was also a quarterly and annual increase in the average loan size, which indicates that customer confidence is being restored.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>More taking control of their loans&nbsp;<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Data indicates that lifetime mortgage holders are proactively managing their equity release loans, with over 360,000 equity release customers making voluntary penalty-free partial repayments in 2022 and 2023. This will save them almost \u00a3300m in borrowing costs over the next 20 years.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Larger repayments<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The total value of voluntary repayments increased by 18% between 2022 and 2023 from \u00a3102m to \u00a3120m. Plus, the average repayment size grew by 30% &#8211; going up from \u00a3538 to \u00a3697, indicating that customers are making an effort to reduce their loan sizes and cut borrowing costs.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Market turning a corner?<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Chair of the Equity Release Council, David Burrowes, commented, <em>\u201cThe pick-up in activity between the first and second quarters is a welcome reversal of the downward trend seen one year ago. There is a long way to go to unlock the market\u2019s full potential, but there are reassuring signs in these figures that we are turning the corner and acclimatising to this unfamiliar interest-rate environment after years of rock-bottom rates.\u201d<\/em>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Talk to us<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Equity release is not right for everyone \u2013 it is essential that you seek professional advice before taking out a lifetime mortgage. We can talk you through the advantages and potential drawbacks.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>ERC, 2024&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Think carefully before securing other debts against your home. Equity released from your home will be secured against it.<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Data suggests that confidence is growing among new and existing equity release customers.&nbsp; Equity release customers rose by 12% in Q2 of this year, with total lending increasing by 15% to \u00a3578m1. There was also a quarterly and annual increase in the average loan size, which indicates that customer confidence is being restored.&nbsp; More taking [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":27080,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,91],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/27078"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=27078"}],"version-history":[{"count":5,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/27078\/revisions"}],"predecessor-version":[{"id":27153,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/27078\/revisions\/27153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/27080"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=27078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=27078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=27078"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=27078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}