Equity release could support 450,000 homebuyers

The Bank of Mum and Dad could help 450,000 homebuyers get on the housing ladder this year using equity release, Legal & General research suggests.

The research, which was undertaken in partnership with economics consultancy Cebr, also found that 4% more over-55s are thinking about releasing equity from their homes this year.

Steve Ellis, managing director of Legal & General Home Finance, said the aim was to “make releasing equity from a home part of the mainstream mortgage market.”

He added: “This growing market has the potential to support nearly 450,000 people onto the property ladder this year alone.

“By taking out a lifetime mortgage, older homeowners could see their relatives enjoy the benefits of their inheritance now rather than after they are gone.”

In the past 20 years house prices have increased by 259%, with wages only rising by 68%.

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