MortgagesJan 18 2023

Over-55s fear mortgage plans have been ‘derailed’

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Over-55s fear mortgage plans have been ‘derailed’
(Ian Forsyth/Bloomberg)

Back in December, FTAdviser reported that a rising number of older borrowers are using equity release as a way of supplementing their incomes amid the cost-of-living crisis.

Following September’s “mini” Budget, a significant number of equity release products were taken off the market as lenders reckoned with higher interest rates.

Advisers highlighted how this has led to “less choice” in the market, but despite this contraction 2022 was deemed a record year for equity release lenders.

Research from AKG has shown that more than half of advisers reported an increase in later-life lending queries last year, while 77 per cent predict a rise in enquiries in the next two to five years.