Category: Equity release
The arrangement helps existing Santander mortgage customers, many of whom would like help to repay the outstanding capital on their interest only mortgages without selling their homes.
Over a third (36%) said they would prioritise home or garden improvements, followed by topping up day-to-day living (32%) and nearly a quarter (24%) said they would pay for a holiday of a lifetime.
In total over-55 homeowners unlocked £1.17bn of property wealth during Q2 2021.
Age Partnership launched its industry-wide switching service back in April.
The average debt of £20,650 is almost a fifth higher than last year.
Legal & General has established a phased roll-out of the portal and will be inviting advisers to sign up over the coming weeks.
Notable shifts included gifting to children, up 38% year-on-year, as well as home improvements, which increased to 39%, and mobile home or caravan purchases, which saw a rise of 39%.
Responsible Lending previously offered customers aged 55 to 64 a drawdown option across six of the lender’s 12 LTV bands, but the facility will now be extended to the first nine bands.
Air Group said the promotion was to encourage advisers to use specialist later life solicitors who fully understand the sector.
The number of equity release plans taken out rose by 3% in the six months to 30 June.