Change in lifetime mortgage applicants volume: equity release market UK 2012-2016

This statistic presents the change in the volume of applicants for lifetime mortgage, the leading product of the equity release market in the United Kingdom (UK) from 2012 to 2016. Equity release is a way of financing loans, which provides the owner of a house or other type of property with funds based on the value of their real estate, while allowing for continued use of said property. Lifetime mortgage is one of the products offered within equity release schemes. It denotes a loan secured on the property, which is sold after the borrower moves out or dies; meaning after the use of the property is discontinued by the borrower. The funds obtained in the sale help to pay the compounded interest, which has been added to the capital throughout the term of the loan. As of 2016, the volume of applicants for the lifetime mortgage product grew by 22 percent, in comparison to the previous year.