Properties valued between £250,000 and £399,999 made up the largest share of new lifetime mortgage plans, accounting for 37% of cases. Homes worth over £1 million represented around 4% of initial advances, a share that has remained steady.
The Equity Release Council also recently reported that new equity release plans and total lending both grew in the third quarter of 2024, marking the first consecutive quarter of growth in two years.
“These latest figures continue to underline the importance of developing later life lending products that meet a diverse range of audience profiles and needs,” said Paul Carter (pictured), chief executive of Pure Retirement. “Additionally, they also underline the ways that these products continue to be seen as a viable and attractive means to achieving financial goals from people across the wealth and property value spectrum.”
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