More equity release money is going on clearing debt, latest figures suggest – PropertyWire

Equity release boom: pensioners cash in average of 71,500. More than one in five (22 per cent) customers used this money to pay off outstanding mortgage debt, while 30 per cent used the cash to clear debts and 36 per cent used it to go on holiday.. according to new figures from the.

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A further 14 per cent pay off credit cards, loans and other forms of debt. It comes as figures from the equity release council revealed the number of retirees aged 75 to 84 taking out equity.

One in three paid off credit cards and loans and 28% cleared outstanding mortgages as total lending in the sector reached 1.18 billion including [.] The post More equity release money is going on clearing debt, latest figures suggest appeared first on PropertyWire.

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The latest data from the Equity Release Council show that in the second quarter of 2015, equity release from the over 55s totalled £384.3 million, eclipsing the previous high of £375.4 million reached in.

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More equity release money is going on clearing debt, latest figures suggest retired home owners in the UK are using their housing wealth to clear debts to strengthen their finances, new equity release market figures relating to the first quarter of 2019 suggest.

Depending on how much money you have, you might be able to repay all of the money you owe and become debt free. But if the lump sum you have is less than the amount you owe to your debts you can make ‘full and final settlement’ offers.

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More equity release money is going on clearing debt, latest figures suggest Retired home owners in the UK are using their housing wealth to clear debts to strengthen their finances, new equity release market figures relating.

Bank of England figures released yesterday show that lending to individuals has risen again – to just over 1,000bn in September, about 21,000 for each adult in the UK. Of this debt, 852bn is.

Releasing equity from your home If you’re at retirement age and own a home, you could consider using equity release to access money that’s tied up in your house. The amount of equity in your home is based on how much your home is worth and home much you owe on your mortgage.