Equity Release sees record lending in first quarter of 2017
22 June 2017
The latest figures released from the Equity Release Council show that the market has seen record annual growth in both new customers and total lending for the first quarter of 2017. Over 8,000 new equity release plans were agreed in this time, up 61% from the same time last year, with the total value of equity release lending up by 77% from 2016 to £697m, the highest level of growth recorded since records began in 2002.
Having such a strong start to 2017 shows that more and more homeowners are becoming increasingly aware of equity release and the benefits it can have for them, with consumers looking to use equity release to pay off their existing mortgage, offset their pensions or even help towards deposit payments for family members looking to get a foot on the property ladder. With so many options available on the market, providers are offering more competitive packages, as new research from Moneyfacts shows that the average fixed rate for equity release deals has fallen to a record low of 5.63%.
As consumers, we all like to have a wide range of options to choose from, but while we can be dazzled by the low interest rates and lower payment amounts that are on offer, ensuring we take the right package to suit our needs is key. That’s why qualified equity release advisers should always be the first option to choose, giving homeowners the vital expertise and market knowledge needed to make the correct decision when searching for offers. Equity release advisers are able to work with homeowners with a view to making an informed decision which is right for them. If you think that becoming a CeRER® qualified equity release adviser is right for you, then Simply Academy can help. Get in touch with our friendly student support team for further information on 01279 874 430.