UK homeowners unlocked a record ?79,650 on average from their homes in August, according to latest figures from equity release provider Responsible Equity Release.
Last month saw a 108% increase in the total amount of equity released compared to the same month last year, Responsible Equity Release said, with homeowners turning to their properties to boost their savings, pay off mortgages and to supplement their retirement income. Lending was up 9.5% compared to July.
Homeowners in the capital, where house prices are highest, released the largest amount of equity from their homes in August,cheap jordan shoes, taking an average of ?192,000, compared to ?175,744 in July.
Separate figures from the Equity Release Council, the trade body for the equity release sector,cheap real jordans, show that equity release lending topped ?700m in the second quarter of 2017, the first time it has passed this threshold since the Council started recording quarterly activity in 2002. Nearly 8,cheap jordans free shipping,500 plans were agreed between April and June this year, up 27% compared to the same period last year.
Steve Wilkie, managing director, Responsible Equity Release, said:
“The growth of the equity release market shows absolutely no sign of slowing down. The underlying economic trends and demographics point to a long, steady growth curve.
“Since pension freedoms,jordans for cheap, there is a greater awareness of the need to look to different sources to fund retirement. Previously, people bought an annuity at a good rate, which allowed them to set-and-forget.
“Now, a combination of housing wealth, annuities, state benefits and pension drawdown are needed to see through a comfortable retirement without outliving your money. Property wealth has consistently outperformed pension savings so it makes perfect sense, and is good timing, to look to property to help supplement other sources of income in later life.”
Equity release schemes enable older homeowners to unlock some of their property wealth whilst continuing to live in their homes. One of the most popular types of equity release plan is the lifetime mortgage. As the name suggests,http://www.mapsxm.com/search/node/cheapjordanshoesfreeshipping.com/bolg,cheap jordans for sale, interest on the sum you’ve released builds up over your lifetime and is typically only repaid out of the proceeds of your estate when you die, or if you go into long-term care.
According to Responsible Equity Release, many homeowners are taking advantage of innovation in the equity release sector to set up an additional borrowing facility, which they can draw from as and when they need the money.
On average, Responsible Equity Release said that homeowners arranged an additional ?41,500 in funds as a drawdown facility, on top of the equity they’d already released.
Releasing sums from the value of your home in instalments can help keep interest costs to a minimum and, as a result, drawdown products tend to be the most popular type of equity release plan. They accounted for 68% of all equity release products taken out between April and June this year, the Equity Release Council said.
Always get professional independent financial advice before signing up to an equity release plan, as receiving a cash lump sum will reduce the value of your estate and any inheritance you want to pass on.
You should also bear in mind that your state benefits and tax position could also be affected. As well as seeking advice, you should make sure you only ever deal with equity release providers who are members of the Equity Release Council. Members must provide customers with certain safeguards,cheap authentic jordans, including a guarantee that you can stay in your home for the rest of your life, or for as long as you choose. They must also provide a ‘no negative equity guarantee’, so you’ll never owe more than the value of your home.

Find out how much cash you could unlock with the Telegraph’s free equity release calculator.
After that,http://www.vragenenislam.nl/search/node/cheapjordanshoesfreeshipping.com/bolg, a new Twenty20 tournament will be launched, although the ECB will be unable to make any major changes until it knows the future look of international cricket.?
Despite the introduction of a Test divisional championship, it is likely the amount of Test cricket will be reduced after 2019,http://www.vivasanvivat.ru/news/2015-04-28-solnechnyi-ozhog-ili-zagar-bez-problem.html#comment-44916cheapjordanshoesfreeshipping.com/bolg, giving more time in the calendar for domestic Twenty20 tournaments, which will help the ECB plan its own relaunched competition.
This annual meeting will be the first to be chaired by a fully independent chairman and the board are likely to agree to further stripping back changes introduced two years ago, when England, India and Australia took control of the ICC in a power grab.
The so-called ‘Big Three’ made changes that split world cricket,cheap jordans, but the fall of India’s Narayanaswami Srinivasan as chairman last year has led to the ICC taking a different direction. Srinivasan’s replacement, fellow Indian Shashank Manohar, criticised the ‘Big Three’ and approved moves to make the ICC chairman independent of any board. Manohar, himself, stood down from the Board of Control for Cricket in India and agreed to the permanent positions of England,jordan shoes, Australia and India on the ICC’s executive and finance committees to be scrapped. A five-member panel will report to the ICC in Edinburgh on further changes to the constitution.