Bank of Mum and dad sparking equity release growth
An increasing reliance on the bank of Mum and Dad is sparking growth in the equity release market, according to Age Partnership research.
It found that parents and grandparents are releasing up to £114,151 to help their family to get a foothold on the property ladder.
Whilst the most popular reason for releasing equity is to pay off any remaining mortgage, a generous 6% are now helping out family members.
Looking across the South of England, residents are releasing an average of £85,593 worth of equity from their homes, an increase of £2,500 since 2015.
Retirees in London are releasing on average £114,151, while further up the coast, Northerners are releasing an average of just £50,218 – a considerably lower sum than their southern counterparts.
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