More equity release money is going on clearing debt, latest figures suggest – PropertyWire

Releasing equity from your home If you’re at retirement age and own a home, you could consider using equity release to access money that’s tied up in your house. The amount of equity in your home is based on how much your home is worth and home much you owe on your mortgage.

More equity release money is going on clearing debt, latest figures suggest Retired home owners in the UK are using their housing wealth to clear debts to strengthen their finances, new equity release market figures relating to the first quarter of 2019 suggest.

More than half of lenders offering equity release deals through lifetime mortgages have increased rates, making it more expensive for homeowners trying to unlock cash. The average rate on a lifetime mortgage is now 5.10%, up from a record low of 5.03% in July earlier this year, according to financial data analysts Moneyfacts.

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Equity release adviser Equity Release Supermarket (ERS), enjoyed a record start to 2019, seeing year-on-year lending growth of 31% in Q1. Furthermore, the total number of new equity release customers increased by 32% year-on-year in Q1 2019.

Perhaps as a result of interest-only mortgages, on-going debt problems or parents trying to help their children onto the property ladder, industry figures show that equity release has become one of the UK’s fastest growing financial services, with over 800 million being lent in the final quarter of 2017 alone.

The holiday-shortened week will likely help temper any significant market volatility but Friday’s release. debt despite its negative yield is worth more than the cost of losing money..

One in three paid off credit cards and loans and 28% cleared outstanding mortgages as total lending in the sector reached 1.18 billion including [.] The post More equity release money is going on clearing debt, latest figures suggest appeared first on PropertyWire.

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