UK Equity Release Schemes market report
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Providing the most comprehensive and up-to-date information and analysis of the Equity Release Schemes market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
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Written by Sam Marks, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The equity release market is undergoing a resurgence in popularity although this is yet to influence everyday consumer perceptions. New lifetime mortgage products provide the solution for many concerned with the cost of funding their retirement. Mainstream lenders are investing in this market to help people maintain their standard of living in retirement.
Financial Services Analyst
Products covered in this Report
This Report looks at the UK equity release market. This includes the size of the market and forecast for the next five years, discussion of the major factors driving the industry and the major players in the market. Mintel’s exclusive consumer research examines ownership of and intent to use equity release products to fund retirement, as well as debt levels, financial health in retirement and attitudes towards equity release.
For the purposes of this Report, Mintel has used the following definitions:
Equity release is a way of accessing the wealth tied up in a property without the need to move. With equity release, homeowners can either borrow against the value of their home (a lifetime mortgage) or sell all or part of it (using a home reversion plan) in return for a regular monthly income, a lump sum or the facility to get at equity as and when they like (drawdown) or a combination of these options.
As lifetime mortgages now account for more than 99% of equity release plans sold, the terms lifetime mortgage and equity release are used interchangeably throughout this Report.
To be eligible for equity release, homeowners must meet the following criteria:
- Be aged 55 or over (or 60+ for home reversion plans); for joint plans the youngest borrower must be at least 55
- Own their property outright, or in some instances, have a very small outstanding mortgage
- The property must be in England, Scotland or Wales, and valued at more than £70,000.
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