Equity release customers took average £125k from their home in 2021

The equity release market saw customers withdraw £125,000 on average as a single lump sum or via incremental ‘drawdowns', ERC found in its report. That figure is equivalent to more than seven years of a single pensioner's typical net income and nearly four years for the typical pensioner couple, the body said. The report also found product pricing was up year-on-year from 3.95% in January 2021 to 4.16% in January 2022. However, the ERC added, more than 300 products were available at rates of 4% or less, while the average customer secured a rate of 3.39% on their loan during the second...