The holiday of a lifetime, paying off a mortgage, a new car... Before lockdown, equity release was often used to fund 'once in a lifetime' experiences. Now, evidence suggests that customers are using equity release for different reasons.
Requests for loans to fund everyday living increased 5% during Q2 to account for 22% of all equity release requests during this period, while two-fifths of requests during Q1 and Q2 were to fund home improvements. Meanwhile, requests for equity release to fund international travel understandably dropped off across both quarters, with holiday-related requests down 5%.
A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
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