Blog > Equity release enquiries surge

Equity release enquiries surge

By Clare Yates • 3rd June 2024 • 3 min read

Financial advisers report renewed interest in equity release

Written in line with our editorial policy.

Equity release enquiries are reportedly on the rise, with brokers predicting an increase in demand if interest rates are cut later this year. There are also reports of a shift in the product choices being made – with a new profile of customers choosing to unlock cash from their homes.

According to a recent article by Market Strategy, many advisers are reporting an increase in the number of equity release enquiries they are receiving. The MD of one advice firm was quoted as saying: “We’ve had more enquiries in the past three months than in the past year.”

Meanwhile, Equity Release Council chair David Burrowes recently said: “As we look to the rest of 2024, we are confident that the green shoots that we are starting to see will germinate and the market will return to growth.”

The positive news for the industry comes despite the Bank of England deciding to hold interest rates at 5.25% in May, the highest it has been for 16 years. However, inflation has been falling since March and cuts to the Bank Rate rate are expected later this year, which would likely filter through to lower interest rates on equity release plans.

Drawdown plans grow in popularity

In addition to the uptick in enquiries, a change has also been noted when it comes to the choices that equity release customers are making. The Equity Release Council has found that more homeowners are now opting for drawdown plans, which allow funds to be accessed over time. 

A drawdown lifetime mortgage could be a good option for homeowners who feel that interest rates will start to come down soon but wish to access some of their property wealth now. This is because interest only accrues on the amounts withdrawn from their cash reserve.

Data from the Equity Release Council shows that in the first quarter of 2024, 56% of new lifetime mortgages were drawdown plans. In contrast, lump-sum lifetime mortgages dominated the market in 2022, when 52% of new customers chose this option.

Shift in equity release customer profile

According to Mortgage Strategy, David Burrowes also notes that there has also been a shift in the profile of the average customer over the past year, with fewer individuals seeking financing for more “aspirational reasons.”

It appears that two distinct customer segments are emerging. First, the “core heartland”, which consists mainly of individuals in their late 60s and early 70s, seeking to release a cash lump sum to bolster their retirement savings or provide a helping hand to their families. 

Alongside this group is a newer cohort of younger borrowers, aged 55 to 64, who are seeking assistance with mortgage repayments, topping up their monthly income, or debt reduction.

There are two main reasons why this new cohort has come along: firstly, product innovation may be tempting more younger homeowners to explore the option of equity release. It is also likely that the ongoing cost-of-living crisis is exacerbating financial difficulties for many people, leading them to explore the option of equity release as a solution to their financial problems.

Could you boost your income with equity release?

If you would benefit from a cash boost at this time in your life, equity release could help you to improve your financial situation.

Before you make a decision, you’ll need to speak to one of our selected specialist advisers. They can explain how a plan works, but also make sure you are aware of some potential pitfalls of this style of lending. For example, equity release will reduce the value of your estate and the amount of inheritance you leave.

To find out how much tax-free cash you could release and check your eligibility, check instantly here, call us on 0808 178 3055 or request a call back.


Advisers report surge in equity release enquiries: Bounce back for equity release? Mortgage Strategy. Accessed 16 May 2024.

Drawdown plans surpass lump sum lifetime mortgage sales: Drawdown in vogue as equity release market ‘maintains holding pattern’ in Q1 Equity Release Council. Accessed 16 May 2024.

About Clare Yates. With over a decade’s experience writing about later life financial planning, Clare offers a wealth of knowledge about equity release, pension annuities, wills, LPAs and more. When she isn’t writing, Clare likes to spend her time baking and going on walks with her husband, two children and their rescue dog. Follow Clare on LinkedIn

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