Equity release lending was up 28% in the first half of the year, in what marked its highest growth in a decade, according to latest figures from the Equity Release Council.
Council members lent a total of £908m to consumers in the period, up £198m from the £710m business transacted in between January and June last year. The majority (two-thirds) of clients opted for drawdown lifetime mortgages - a similar figure to the previous five years. A total of 7,917 drawdown plans were agreed, which represented the largest number in any first-half period on record, the Council said. The autumn Equity Release Market Report also showed a dip in the pricing of the products, with average lifetime mortgage rates falling 24 basis points, reaching 5.96% in July. The C...
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