Saga comments on Equity Release Council Q2 dataTuesday 28 July 2015
Saga comments on Equity Release Council Q2 data
Following the launch of the new pension freedoms, the growth in people releasing equity from their property is a further sign that people are overhauling their approach to funding retirement, with property wealth set to become an integral part of retirement planning.
Alex Edmans, Head of Retirement at Saga, commented: “The Mortgage Market Review has stopped many older people from accessing a traditional mortgage, this and the fact that many people are now coming to the end of their interest only mortgage term without a full repayment plan, has meant that more are turning to equity release as a viable solution to borrowing in retirement. Indeed Saga has seen an increase in use of equity release to clear a mortgage.
“Now is a good time to consider equity release, as interest rates are at their lowest ever levels, property prices are increasing and loan to values have recently increased, meaning people are able to access more of the wealth tied up in their property.”
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