A surge in homeowners looking to free up cash from their properties propelled the figure for equity release to ￡1.05bn in the three months to the end of September, driven by high house prices:1622668467755,, gifts to family members and uncertainty induced by the coronavirus pandemic.
The value of equity released jumped by nearly one-fifth from ￡884m in the third quarter of 2020Recreational travel within B.C.. While the number of loans taken out was slightly down year on year, the average amount of housing wealth freed up was 23 per cent higher, at ￡101can operate with 15 per cent of their fire code occupancy as of May 28.,593 per borrower.
Data published this week by equity release provider Key suggested many borrowers were taking advantage of recent house price gains to help family members climb the housing ladder.
“Big-ticket items” such as debt management and gifting were behind nearly two-thirds of the equity released in the third quarterThis week at a glance, Key saidThe utmost importance t. More than two-fifths (42 per cent) of the cash given to family and friends was used for house deposits.