Equity Release Product Choice Hits New High in 2022

Equity Release Product Choice Reaches a Record-Breaking High

Contributors: Nicola Date, Katherine Read. Reviewed by Francis Hui

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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Breaking News: Equity Release Product Choice Hits New High at Over 750 Plans

Did you know: It is a well-known fact that the number of equity release products has increased in recent years, as more and more people are realising the need for this type of financial planning.

Why’s this great news?

It means more people will be able to get out of debt or enjoy their retirement years without worrying about money.

If you’re not aware of these amazing shifts in the industry, you could end up missing out on a golden retirement opportunity.

We’re here to examine:

  • Why there are so many more options available now than ever before.
  • What it means for those who are looking to release some of their home’s value without moving from their property.
  • The amount of growth that is seen.

As one of the leading equity release information portals, SovereignBoss keeps up-to-date in our analysis of the market and we’re so excited to share what we found.

Check this out!

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 2 years, according to the equity release industry.

Equity release borrowers also have more options for accessing their property wealth, thanks to product innovation that has made the market more flexible.

You’ll want to discover:

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 2 years, giving clients much more flexibility and options.

With over 300% more products offering alternatives such as interest repayments, downsizing protection, and inheritance protection, the number of features has also drastically increased.

2021 News

Things are moving quickly right now, and in 2021, we saw a 21% increase in products over the first 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

What's the Best Age To Take Equity Release?

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

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

rachel w

Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
John Lawson

Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
francis

Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
kath icon

Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
nicola

Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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As Featured In
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