Just Group comments on equity release lending figures

Retirement specialist firm Just Group comments on the equity release lending figures for quarter 3, released by the Equity Release Council (ERC).

Stephen Lowe, group communications director at Just Group, said:

“Total Lending has surpassed last year’s record of £4.8 billion with the final quarter – usually the busiest period of the year – still to come. Customer numbers are on course for record levels this year too.

“These figures highlight the increasing appetite for people to make use of the wealth stored in their homes to meet their lifestyle aspirations whether they are seeking to help their families, generate extra retirement income, or pass on lump sums as part of an inheritance planning strategy.

“We are optimistic that, despite the changing interest rate environment, this is a market with significant growth potential. There seems to be a broadening awareness of how the value people have built up in their homes can be used in later life. Today’s customer benefits from a wide range of providers competing for their business and a host of options to tailor the plan to fit their unique needs.

“Lifetime mortgages are fast becoming a core part of later life financial planning for many homeowners, but the expertise and knowledge of a high-quality professional adviser is essential in getting the right outcome for individual customers.”

HUB Financial Solutions

Commenting on the Equity Release Council’s Q3 market report, Simon Gray, managing director at equity release advisory firm HUB Financial Solutions, said:

“This is another positive quarterly report demonstrating the ongoing recovery from the pandemic disruption. After a busy Q2, it is clear customer demand to access some of the value tied up in property continues to be strong despite the backdrop of rising interest rates.

“It is important in a changing environment that customers don’t rush but take time to focus on making rational, long-term decisions. This is best achieved through high-quality financial advice which will guide them through a complex market with a wide range of providers, rates and options to the best outcome.

“The growth in the market reflects the fact that lifetime mortgages are increasingly meeting a whole range of homeowners’ needs, from boosting income, to generating lump sums, paying for care or estate planning. We are optimistic that demand will continue as people realise the potential of the wealth stored in their homes.”

Kindly shared by Just Group