28 May 2020 - 10:27 AM
Volume (i.e. number of people) | Use | Value (i.e. proportion of equity) |
23% | Mortgage repayment | 25% |
29% | Gifting | 21% |
25% | Unsecure debt repayment | 12% |
32% | Holidays | 8% |
63% | Home and Garden | 17% |
55-64 | 65-74 | 75+ | |
Loans | £11,210 | £12,773 | £10,549 |
Car Finance | £8,206 | £9,111 | £15,757 |
Mortgage | £43,883 | £55,933 | £47,032 |
Overdraft | £5,550 | £4,432 | £5,400 |
Credit Cards | £11,566 | £13,087 | £10,439 |
Region | Number of plans sold 2020 Q1 | Number of plans sold 2019 Q1 | Total value of new equity released 2020 Q1 (£ million) | Total value of new equity released 2019 Q1 (£ million) |
South East | 2,964 | 2,742 | £239.366 | £244.495 |
London | 1,071 | 1,163 | £145.496 | £141.001 |
South West | 1,320 | 1,150 | £87.574 | £88.966 |
West Midlands | 1,066 | 991 | £61.055 | £61.666 |
East Midlands | 888 | 955 | £47.294 | £58.993 |
North West | 1,245 | 951 | £54.797 | £56.014 |
East Anglia | 860 | 854 | £55.137 | £58.549 |
Yorkshire & The Humber | 880 | 840 | £35.866 | £46.290 |
Scotland | 686 | 615 | £34.814 | £34.123 |
Wales | 489 | 540 | £22.582 | £29.744 |
North | 395 | 310 | £15.371 | £16.259 |
Northern Ireland | 117 | 80 | £5.849 | £3.481 |
UK | 11,881 | 11,190 | £805,200 | £839.586 |
Type of Debt | Proportion of Equity Release Proceeds used to Repay Debt by those in Debt | Average Amount |
Loans | 11% | £11,856 |
Car Finance | 1% | £10,420 |
Mortgage | 65% | £51,409 |
Overdraft | 1% | £5,134 |
Credit Cards | 16% | £12,186 |