The Equity Release Council said last month that £824 million had been borrowed using equity release plans in the UK over the previous three months MATT CARDY/Getty ImagesThe number of homeowners releasing equity from their properties hit a record last month, according to a leading provider. Equity release plans rose by 76 per cent in October compared with a year earlier, Responsible Equity Release said, and were 19 per cent higher compared with September. Over the three months to October, the number of equity release plans taken out was 24 per cent higher than the previous three months as over-55s cash in the rising value of their homes to support retirement plans and save for care bills in old age. However, the provider said that the average amount of equity released by homeowners had dropped from a high of £84,057 in September to just under £71,000. The total amount of equity released…

Source: The Times November 18, 2017 00:00 UTC