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Latest figures show that the value of equity release transactions increased by 11% over the previous quarter and 21% over the same quarter last year

According to the most recent figures published by the Equity Release Council, more and more homeowners are choosing to release the value stored in their homes by taking out equity release plans. These schemes allow homeowners to release money against their home, normally in the form of a re-mortgage, without having to pay it back during their lifetime. After the homeowner dies or moves out (into a care home, for example), the house is typically put on the market in order to pay off the balance of the loan.

There are various ways in which an equity release plan might be configured. The most popular types are lifetime mortgages, in which compound interest is added to the loan until the mortgage is settled, interest only deals, where the...

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