Pensions - Articles - Saga comments on Equity Release Council Q2 data

 Alex Edmans, Head of Retirement at Saga, commented: “The Mortgage Market Review has stopped many older people from accessing a traditional mortgage, this and the fact that many people are now coming to the end of their interest only mortgage term without a full repayment plan, has meant that more are turning to equity release as a viable solution to borrowing in retirement. Indeed Saga has seen an increase in the use of equity release to clear a mortgage.

 “Now is a good time to consider equity release, as interest rates are at their lowest ever levels, property prices are increasing and loan to values have recently increased, meaning people are able to access more of the wealth tied up in their property.”