UK equity release customers save £300m in borrowing costs over 20 years due to penalty-free loan repayments.

Equity release customers in the UK will save almost £300m in borrowing costs over the next 20 years due to penalty-free loan repayments, according to the Equity Release Council (ERC). Over 360,000 voluntary penalty-free partial repayments were made in 2022 and 2023, with the total value of repayments rising by 18% to £120m from £102m. The ability to make voluntary repayments has been a compulsory feature on all ERC-standard equity release products since March 2022.

July 01, 2024
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