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More Homeowners Exploring Equity Release to Fund their Retirement


equity release

More homeowners are considering turning to lifetime mortgages to help fund their retirement, according to data from LV=.


Around 10% of adults plan to use the value of their home to help fund life after work, and more specifically, 27% of those surveyed are considering equity release as part of their future financial planning, up from 25% in 2023, says the financial firm’s latest Wealth and Wellbeing Research quarterly survey.


It adds: “Reliance on the state pension is steadily declining, with the percentage of adults planning to depend on it falling from 20% to 17% in the past year.

“If this number continues to decrease, equity release may offer an alternative solution to funding retirement.”


The report also highlights gender differences in the way these products are viewed.

It says: “Women seem to value flexibility, with 35% prioritising the ability to transfer their mortgage to a new property and 37% focusing on protecting inheritance for loved ones.


“By contrast, men show a preference for choosing a well-known and trusted provider with a good reputation, 48%, and high product ratings such as Moneyfacts or Defaqto, 31%.”


LV= equity release proposition director Patrick Oldham adds:

“Lifetime mortgages are becoming a cornerstone of retirement planning for many, and we understand the vital role financial advisers play when it comes to ensuring customers have a clear understanding of the market and their options.

“With trusted advice, individuals can confidently explore how equity release could support their long-term financial wellbeing.”


New plans agreed and total lending increased for a second successive quarter for the first time in two years, according to the latest Equity Release Council latest survey.

Its October quarterly market report found that the number of new plans agreed went up by 2% to 5,370 over the same period, which meant that the third quarter of 2024 became the first quarter since the mini-Budget in September 2022 where the equity release market saw two successive quarters of growth.


Also, homeowners over the age of 55 withdrew £615m of property wealth from their homes between July and September, representing a 6% rise from the second quarter of last year.


LV=’s survey contacted 4,000 nationally representative UK adults in September.


If you would like to find out more about how Viva have helped customers to release equity to retire, you can read in our 'Able to Retire' Case Study.


When you are ready, we are here to help you, you can call on 0800 046 9776, or contact us here, to arrange a free no obligation consultation.

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VIVA RETIREMENT SOLUTIONS - LONG LIVE RETIREMENT

A lifetime mortgage is a long term commitment which could accumulate interest and is secured

against your home.   Equity release is not right for everyone and may reduce the value of your estate

Our fee for arranging a Lifetime mortgage is £995 payable only on completion. 

Research has shown that some companies charge £1,895 for this service.

 
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