EQUITY RELEASE GROWS IN BOTH NEW CUSTOMERS AND TOTAL LENDING. LATEST 2023 FIGURES.
According to the Equity Release Council the latest 2023 statistics for equity release in the United Kingdom are as follows:
In Q3 2023, the equity release market saw growth for the first time in 12 months, with quarterly increases in both new customers (10%) and total lending (8%).
Total lending reached £716m in Q3, loaned to 7,379 new customers and 8,466 returning drawdown customers.
The average amount of equity released by new customers in Q3 was £97,032, up from £94,982 in Q2.
The most popular type of equity release product was drawdown lifetime mortgages, which accounted for 64% of new plans agreed in Q3.
Whilst Equity Release works for some people it has also been widely mis-sold. The main reasons for mis-sold Equity Release
are:
1. Failure to explain the risks associated with an equity release plan, such as the potential for negative equity and loss of property.
2. Advising an individual to take out an equity release plan without proper consideration of their financial circumstances such as their income, expenses, assets and future needs.
3. Failing to explain the impact an equity release plan can have on an individual’s inheritance or estate plan.
4. Pressuring an individual to take out equity release without adequate time for them to understand the risks and giving them time to consider their options.
5. Failure to disclose current and on-going fees and charges. Especially where this affects cumulative interest repayments and the future value of the property.
6. Failure to disclose the impact the equity release plan will have on any potential inheritance and tax implications.
If you think you have been mis-sold Equity Release contact Claimline Legal on 0800 779 7457 or go to our website www.missoldequityrelease.co.uk
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