Taking cash out of your home is more popular than ever, but other choices could be better for you
Older people are withdrawing £10m a day from their homes – adding up to £3.4bn last year – and it’s not just for new kitchens and dream holidays. New research reveals a surge in the number of people turning to equity release in order to pay off debts and mortgages.
Equity release is becoming an increasingly mainstream proposition, and rates on these deals have fallen to record lows, making them look more tempting. The lowest interest rates are now below 3%, whereas five years ago you would have done very well to get 5%.
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