Category: 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.
Standard later life borrowing is an alternative to equity release, according to Ipswich Building Society.
Figures from the Equity Release Council show annual lending to new and existing customers totalled £3.89bn in 2020 – up from £945m in 2009.
According to data from Moneyfacts, there are now more than 488 equity release plans on the market, meaning more choice for people who arranged their plans several years ago.