BBxEquity » Bank of England http://bbxequity.com Equity Release Plans | Safe Home Income Plans | Retirement Planning | Reverse Mortgages Mon, 02 Nov 2009 15:33:54 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Equity Withdrawal in the UK Falls http://bbxequity.com/equity-withdrawal-in-the-uk-falls/ http://bbxequity.com/equity-withdrawal-in-the-uk-falls/#comments Thu, 03 Jul 2008 18:30:47 +0000 admin http://bbxequity.com/?p=5 Reports from the Bank of England this months states that equity withdrawal ( equity release through a remortgage ) has fallen sharply by almost two thirds. According to the new figures released, equity withdrawal has fallen from almost 14bn during the first quarter of 2007 to just 5bn in the same period this year, the lowest equity withdrawal figures for seven years.

The fall in the equity withdrawal figures is blamed on the global credit crunch which has seem lenders tightening their criteria for lending and as such fewer home owners are able to borrow money to pay for home improvements, pay off debt or simply to provide a little relief as disposable incomes are squeezed.

Traditional equity release for people over 50 also saw a slight decrease, however a representative from Safe Home Income Plans (SHIP) said in a quote in the Independent business magazine that this decrease was due mostly in part on the collapse of Northern Rock which held quite a sizeable stake in the equity release market.

SHIP is the trade association hat represents lenders offering equity release schemes for older people.

]]> http://bbxequity.com/equity-withdrawal-in-the-uk-falls/feed/ 0