The value of equity release mortgage sales to people aged 60 years and older has fallen 48 percent in the past year end 31 October 2023, from £5.2 billion in 2021/22 to £2.7 billion in 2022/23, according to figures from Bowmore Financial Planning.
The value of equity release mortgages is now the lowest it has been in the past five years, having stood at £2.9 billion in 2018/19.
Higher interest rates have pushed up the cost of equity release mortgages, making them less att...
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