Lending boost for equity release

Posted in Equity Release Property News

3rd June 2010

People will be able to extract more value from their house through equity release now that the Bank of England has revealed that the amount of mortgage approvals has gone up.

More house buyers generally means that prices increase, leading to home reversion plans and lifetime mortgages being worth more to their owner.

The Bank's figures show a rise of 2 per cent between March and April, meaning that nearly 50,000 (49,871) people had their mortgage applications rubber stamped during the month.

Michael Coogan of the Council of Mortgage Lenders is hopeful of greater increases in the future.

He remarks that the upcoming emergency Budget "represents an opportunity for the government to prioritise support for homeowners".

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