Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the number of homeowners on lifetime mortgage plans in the UK.
Lifetime mortgages are a form of equity release scheme which may be an appropriate option for some homeowners wishing to withdraw equity while remaining in their home. Consumers considering equity release should seek independent financial advice to help ensure that the product is suitable for their individual needs.
The volume of lifetime mortgages has risen since 2016 and remained steady since the beginning of the Covid-19 pandemic. UK Finance data shows that there were 10,860 lifetime mortgage products taken out in Q4 2021.