Equity Release Product Choice Hits New High at Over 750 Plans

The Number of Equity Release Products You Can Choose From Has Grown

With the Increased Number of Equity Release Products and the Range of Options Available, It Is Important to Have a Clear Understanding of What You Want. This Will Help You Make an Informed Decision on Which Product Best Suits Your Needs.

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It is a well-known fact that the number of equity release products has increased in recent years and people are realizing the need for this type of financial planning. This is great news because it means more people will be able to get out of debt or enjoy their retirement years without worrying about money.

In this post, we’ll examine why there are so many more options available now than ever before and what it means for those who are looking to release some of their home’s value without moving from their property.

The Number of Equity Release Products Increased

According to Key Partnerships, the number of equity release solutions has reached a record high, with borrowers able to pick among 769 options. The number of lifetime mortgages has risen in the previous two years, according to the equity release industry.

In addition to additional products, equity release borrowers also have more options for accessing their property wealth, thanks to product innovation that has made the market more flexible.

equity release

Over the same time period, the number of plans on the market that offer downsizing protection has quadrupled, while those that allow ad-hoc1, fee-free repayments have tripled. There are also agreements that allow borrowers to take out as much money as they need, as well as an increasing number of mortgages2 with set early repayment penalties.

Equity Release Growth

The equity release industry has experienced phenomenal3 growth, with the number of products available doubling in only two years, giving clients much more flexibility and options. With over 300 percent more products offering alternatives such as interest repayments, downsizing protection, and inheritance protection, the number of features has also increased.

equity release

Things are moving quickly right now, and we’ve seen a 21% increase in products in only 6 months. One reason for this is that during the pandemic4, the majority of customers released equity to meet an immediate need, but as the UK moves closer to fewer constraints5, we’ll see clients release equity to meet both retirement and aspirational goals.

Common Questions

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What Is the Best Age To Take Equity Release?

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Can You Take Equity Release if You Still Have a Mortgage?

In Conclusion

Equity Release products have always been a great way to get more money from your home. Now that the product choice has increased, it’s never been easier to access equity release and use this as an option for financial planning. There are many benefits of accessing equity release which includes being able to stay in your family home without having to worry about paying mortgages.

If you’re considering equity release to help fund your retirement or long-term care costs, make sure you’re aware of all its implications so that you can plan accordingly.

Reference:

  • www.yourmortgage.co.uk/uncategorized/equity-release-product-choice-hits-new-high-at-over-750-plans/?ac=6&as=145

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What people say

You are the best. You delivered what you mentioned you would that was much better than anybody else. I can not rate you highly enough!!
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Brenden
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I'd like to commend the excellent support we received from you guys in our recent equity release application, which proceeded faster than we could have hoped. Thank you so much.
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Margaret Doyle
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I have to say my experience with SovereignBoss was positive from start to finish. The level of customer service I received from John was simply outstanding, thank you!
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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

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