Equity Release On The Rise
The equity release market is certainly on the rise. Volatility in the pension stock market has contributed to a growing number of homeowners using drawdown facilities to release cash from their property, rather than taking money out of their pensions.
This practice is known as equity release. It can be a useful way to boost your income but it does have its drawbacks and age restrictions. Many equity release products are only available to homeowners over the age of 55. In reality, the mortgage arrangements can cost the consumer more money in the long run.
An article in Buy Association 2018 writes: “Homeowners in February released an average of £82,666 from their properties, according to figures from Responsible Equity Release, while in January the average figure was £87,035 – bringing the two-month total to 132% higher than the same period in 2017. Meanwhile, the number of people taking out equity release plans rose by 93% in the same two-month period annually.”
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93% is certainly a large percentage increase. This straight away outlines how desperate people are to afford their mortgages as well as have some extra cash on the side.
If you are currently considering equity release, you may want to consider Lumière Property as an alternative option.
If your property has development potential, Lumière Property will make an above market offer. We’ll pay an initial fee of up to 1% of the purchase price of your home. We offer you advances on the value of your home up to £1,000 per month. All this gives you the chance to maximise your income immediately at no risk while giving you 12-18 months to consider and plan your next house move.
We don’t work in the way estate agents do. We pride ourselves on making the process stress-free for you. When you sell to us you can forget the estate agent visits and endless property viewings. There is no need to keep your property constantly neat and tidy. Just go about your everyday life and benefit from it.
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