Pensions - Articles - Just Retirement comments on ERC Q3 lending figures

 “This is another impressive report with lending during the three months up by more than a quarter on last year and total lending this year set to top £2 billion for the first time,” he said. “Innovation and competition is helping to attract increasing numbers of consumers who are using the money released for a truly diverse range of purposes. There’s no such thing as a ‘typical’ equity release customer because they each have their own circumstances and motivations.

 “This is likely to continue further as people become more comfortable with the idea of tapping into the value of their homes, helped by the hard work done to promote higher levels of consumer protection in the equity release market.

 “Giving just one example, our recent research into how people expect to fund the costs of long-term care showed a strong preference for people to stay in their own home if they do need care and, as more people are forced to pay their own care bills, equity release becomes one option to help them afford to pay. When we asked the over 45s about their knowledge and interest in using equity release to pay potential future care costs, we found both awareness and the number interested in knowing more is continuing to rise.

 “This new data shows that people are becoming increasingly disposed to using the resources within their property to improve the quality of later life for themselves and their families.”