Equity release deals over 2017 smashed the £3bn barrier for the first time, following £838m of lending in the final quarter of last year.
New figures from the Equity Release Council indicate that across the year 37,000 new customers helped to raise the total value of equity release plans to £3.06bn, reaching levels not seen since 2002.
During 2017, 67,000 customers took advantage of equity release to support their retirement income.
The quarterly value of equity release plans surpassed £800m for the first time in Q3 2017. The subsequent period represents the highest recorded level for any quarter.
Drawdown products maintained their position as the most common type of new product, and were chosen by 75 per cent of new customers in Q4 2017. Fewer customers sought to make additional drawdowns or obtain further advances compared with the previous quarter.
Source: Equity Release Council
