There has been a significant rise in the number of homeowners tapping into property wealth through equity release schemes.
The final three months of 2017 broke a number of records relating to the equity release market and in all £3.06bn was withrdawn by 67,000 homeowners. This figure has risen from £2.15bn in 2016 and £1.6bn in 2015.
Data from the Equity Release Council, the industry’s trade body, shows around 37,000 people used equity release plans – also known as lifetime mortgages – for the first time.
And, although equity release was once seen as a last resort it is becoming increasingly popular as house prices rise and the threat of inheritance tax looms.