Category: Equity release
Rising house prices enabled older homeowners to release more than £1bn in property wealth in the first three months of the year, according to data collected by Key.
Despite equity release being aimed solely at homeowners aged over 55, 67% of those surveyed admit they aren’t clear what it actually is.
Aviva has appointed Matt McGill as managing director of equity release.
The figures, based on the latest Halifax house price index, revealed that the total amount of housing equity available to homeowners aged over 55 now stands at an estimated £650.7bn.
Redemptions are likely to slow following the conclusion of the Stamp Duty Land Tax (SDLT) holiday, according to Claire Singleton, chief executive of Legal & General Home Finance.
This new capability builds on the initial integration between Iress and more2life in July 2020 and has been developed using DPR’s Distribution Hub.
Singleton expects to see a rise in the use of equity release in the second half of the year due to the financial implications of the pandemic.
The Prime Max Lump Sum is open to borrowers between the ages of 55 and 84, sitting within more2life’s ‘Prime’ product range.
Over the first quarter of 2021 there has been a 123% increase in house purchases, according to Equity Release Supermarket (ERS).
Members of the Equity Release Council have voted for its expansion through reappointing three directors to its main board and widening its standards board membership.