Equity Release Schemes - UK - May 2010
- There has been an increase in the proportion of people using equity release to repay consumer credit. This hints at a huge shift in mentality among older homeowners, and could have implications that go well beyond the equity release market.
- Some potential customers have been put off taking out an equity release scheme because of a fear that it will interfere with benefits, particularly when it comes to the Pension Credit. Changing legislation should mean that this is much less of an issue going forwards.
- By 2016, the CML predicts that over-60s will have over £1.2 trillion locked away in residential property, meaning that this market has massive potential.
- The UK's demographics also strongly favour this market. The UK has an aging population with huge amounts of property wealth, but relatively little in the way of private pension provision..
- Baby Boomers are more comfortable than their parents were when it comes to using debt as a financial tool. Those approaching retirement no longer live by the maxim 'never a borrower nor a lender be', meaning that they should be more open to the idea of supporting their lifestyle by releasing equity from their home.
- Although the market has been hard-hit by the financial crisis, Mintel forecasts a steady recovery from 2011 as liquidity returns to the mortgage sector.
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