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Equity release customers save up to £75,000


Equity release customers are saving up to – or in excess of – £75,000, according to research by Key Retirement.

The Key Retirement market monitor for H1 2017 has shown the total property wealth released was 50% higher than the whole of 2012 at £1.246bn, while plan sales reached 17,656.

Nearly 100 customers a day used equity release to improve their standard of living.

In 2012, a total of £832m of property wealth was released, as 19,675 plans were sold.

Dean Mirfin, technical director at Key Retirement, said: “Retired homeowners are benefiting from record growth in the equity release market, as increased competition drives down the cost of borrowing.”

Research has shown that for the current average loan and typical customer profile, customers would have paid £224,989 in interest over 20 years at the 2012 rate, compared with £150,518 at today’s rate – a saving of £74,831 in total.

Dean added: “The example shows the fall in rates over the past five years has been significant and is helping more customers support their family, as well as themselves, as equity release makes a major contribution to the retirement standard of living.

“Existing customers can also take advantage of falling rates, but it is important they ensure they take independent specialist advice before making any decisions to switch."

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