Equity release lending on course to exceed £2billion this year

According to the Equity Release Council, the third quarter of 2016 saw homeowners releasing a record breaking amount of money from their homes as equity release lending continues to grow.

Equity release lending grows as customers unlock record breaking amounts:

• The total amount lent to equity release customers in the third quarter of 2016 reached £571.6m - the highest on record
• The amount borrowed in 2016 so far means the £2billion figure could be reached by the end of 2016 for the first time ever
• Drawdown plans are still the most popular choice, but lump sum lifetime mortgages have had biggest quarter for lending in ten years