{"id":9820,"date":"2022-12-08T10:34:07","date_gmt":"2022-12-08T10:34:07","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=9820"},"modified":"2022-12-08T10:34:08","modified_gmt":"2022-12-08T10:34:08","slug":"equity-release-increase-driven-by-cost-of-living-pressures","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/12\/08\/equity-release-increase-driven-by-cost-of-living-pressures\/","title":{"rendered":"Equity release increase driven by cost-of-living pressures"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>In recent\nyears, equity release has become an increasingly popular way for older\nhomeowners to unlock cash tied up in their properties.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Equity release\nproducts enable homeowners over the age of 55 to access equity locked up in\ntheir homes while still being able to live in their property.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>New research\nsuggests that many homeowners are now choosing to do so to help them with the\nrising cost of living.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>According to\nanalysis<sup>1<\/sup>, 14% of equity release applications in Q1 2022 were made\nby customers looking to bolster their everyday living costs. A further 12% were\nlooking to unlock cash in order to consolidate unsecured debts. Meanwhile, over\na third (36%) wanted to use equity release to clear their outstanding mortgage.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Equity\nrelease use hits record highs<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Q2 2022 saw\nequity release lending figures hit record highs, reaching \u00a31.6bn \u2013 a 26%\nincrease year-on-year. This marks the fourth consecutive quarter of near record\nfigures, according to the Equity Release Council (ERC)<sup>2<\/sup> and equates\nto nearly 12,500 new plans being taken out by over-55s between April and June\n2022 alone.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>ERC Chair David\nBurrowes commented, <em>\u201cRaising awareness of how modern equity release products\nwork alongside other financial solutions is essential so people who are\nasset-rich but cash-poor can benefit from the wealth they have built up over\ntheir lifetimes and also support those around them.\u201d<\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Talk to us<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Equity release\nisn\u2019t right for everyone, it can prove an expensive option, can be inflexible\nand may impact entitlement to benefits. It is vital to take financial advice to\nensure it is a suitable option for your individual circumstances. To find out\nmore about your options, please do get in touch.<\/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>Equity\nRelease Council, 2022<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>As a\nmortgage is secured against your home or property, it could be repossessed if\nyou do not keep up mortgage repayments. Think carefully before securing other\ndebts against your home. Equity released from your home will be secured against\nit.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In recent years, equity release has become an increasingly popular way for older homeowners to unlock cash tied up in their properties. Equity release products enable homeowners over the age of 55 to access equity locked up in their homes while still being able to live in their property. New research suggests that many homeowners [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":9404,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9820"}],"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=9820"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9820\/revisions"}],"predecessor-version":[{"id":9822,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/9820\/revisions\/9822"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/9404"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=9820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=9820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=9820"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=9820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}