Equity release product choice doubles

29 January 2020

Growth in equity release products 

An analysis of the market by The Equity Release Council found that there were 287 equity release products available last August, compared to 126 at the beginning of 2019. Some innovations have been particularly embraced by lenders, with the number of products available with specific features going up threefold in some instances. 

Equity release product options and features 

Product options with this feature – August 2018

Product options with this feature – August 2019

Annual change (%)

Sheltered/​age restricted accommodation

42

155

269%

Interest-serviced (regular interest payments)

22

81

268%

Downsizing protection

63

129

105%

Inheritance guarantee

51

96

88%

Drawdown facilities

47

88

87%

Voluntary/​partial repayments with no early repayment charge

99

178

80%

Fixed early repayment charges

75

116

55%

Regular income payments*

0

16

n/​a

Total product options

126

287

128%


More choice than ever before 

The increases in the number of equity release products and the range of different features show that the market is really responding to demand from the over 55s by creating products that meet consumer need and enable people who are retired to make the most of the equity in their homes to help them realise their retirement dreams,” commented Jan Johnson, director of 55+ Equity Release. 

The huge growth in the number of products that enable equity release customers or their families make interest payments shows that many over 55s like the idea of being able to release equity to enable them to enjoy their retirement while protecting the amount of money they can leave to loved ones,” she added. Interest-serviced equity release schemes enable you to pay off the interest on the loan in full or part, while also allowing you to stop making payments if they become unaffordable, without the risk of repossession. 

The need for expert equity release advice 

With more product choice than ever, the need to find a trusted adviser who can steer you through the equity release maze is also more imperative than ever. There’s now a huge range of equity release products with an equally diverse range of features,” notes Jan. Considering all the choices available to you could be overwhelming, which is why it’s vital to find an expert adviser who will take time to understand your personal circumstances and objectives and who has the market knowledge to recommend products that best match those. 

If you’re considering releasing equity from your home to help fund your retirement dreams, our expert advisers will be delighted to have an initial, no-obligation meeting with you in the comfort of your home to help you understand the options, and identify which ones most closely match your requirements. 

Book an initial, no-obligation consultation at a time and place to suit you.

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