Increasing demand for equity release as retirees look to unlock capital

John Lamb Hill Oldridge has seen a marked uptick in the number of enquiries from people in their sixties who are considering all their assets to see if they can unlock much needed capital, and have realised they can no longer exclude what is probably their largest asset, their home.

Paula Steele, Director of John Lamb Hill Oldridge comments:

“People are clearly trying to gauge how they are going to keep up their standard of living, pay for potential increases in care costs and get through uncertain times ahead. We’ve seen a spike in the number of equity release enquiries from people who have been made to stop work sooner than expected or seen their savings or equity pots shrink due to covid.

“A 75 year old couple living in a £1 million property could put in place an equity release facility of up to £370,000 with a sub 2.5% initial interest rate, fixed for life, providing them with the additional cash injection needed to bolster their income.  This would provide them with up to £15,000 per year of additional funding for over 24 years.”