Equity release growth continues

Posted 04/05/2012

Homeowners are increasingly turning to equity release schemes as a way to increase their financial position, according to research by provider Key Retirement Solutions.Total lending rose to £217.1 million in the first quarter of the year, while £83.8 million of untapped drawdown funds are yet to be added to this figure.Plan sales rose 6.4 per cent to 4,508 in the three months, compared with 4,237 for the same period of 2011.Group director at Key Retirement Solutions Dean Mirfin stated it is no surprise more homeowners are tempted by equity release, as the recession means many are going to be finding it hard to make ends meet each month.”Helping out family members still accounts for almost one in four of all plans taken out during the period showing that equity release is helping across generations during these testy financial times,” he said.Recent research by Key Retirement Solutions found many over 50s want the government to support the use of equity release plans.Posted by Simon Crooks