- Annual lending to new and existing customers totals £3.89bn as the equity release market shows resilience in the face of economic disruption.
- A backlog of cases from earlier in 2020 contributed to a busy year-end as 11,566 new equity release plans were agreed by over-55 homeowners in Q4.
- October saw the most cases completed as the market bounced back from the initial spring lockdown
- Caution remains as 2020 ends with 10% fewer new plans agreed than 2019, while 11% fewer customers sought further advances and 21% fewer made drawdowns from existing plans.
- Favourable pricing saw the average equity release interest rate fall to 4.01% midway through Q4 2020, with the lowest rates at 2.30%¹ – less than the average 10 year fixed rate mortgage.²
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