Rising interest in equity release
More than half of homeowners are interested in releasing equity from their property in later life1, with the majority aiming to boost pension income and savings or pay for care. The amount of equity available for release in British homes has also reached a record high of £730bn2, with the South East having the largest available equity by region at £140bn.
Biggest homebuyer turnoffs
Subsidence, Japanese knotweed, overgrown gardens and visible power lines are some of the biggest homebuyer red flags which could knock up to 20% off the value of your home3. Subsidence is the biggest cause for concern, with the potential to reduce the value of a home by £51,000 for the average UK property. Japanese knotweed can knock 15% (£38,000) off the value, unkempt gardens 14% (£36,000) and new power lines 13% (£33,000).
Continued demand for specialist mortgages
Mortgage options suitable for irregular incomes and repayment blemishes continue to be sought after4, with demand for lenders willing to consider satisfied repayment defaults remaining in the top three most desired criteria points. Searches for unsecured arrears and unsatisfied defaults appeared in the top 15 most searched-for terms, while searches for borrowers with bankruptcy jumped 24%.
1Equity Release Council, 2021
2Canada Life, 2021
3Yes Homebuyers, 2021
4Legal & General, 2021
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Equity release may require a lifetime mortgage or a home reversion plan. To understand the features and risks, ask for a personalised illustration.