Equity Release Group reported an 11% year-on-year growth in case volumes in Q1 and a shift in the reasons that homeowners are turning to life later mortgages.
The group reported that debt consolidation had increased significantly, rising by 7.5% compared to last year.
Following Equity Release Supermarket’s appointment as StepChange’s exclusive equity release and later life lending advice partner, the firm has supported a growing number of homeowners with more complex financial circumstances, which is likely to have caused the increase.
Gifting to family also grew, reinforcing the continued importance of intergenerational financial support. Home improvements remained the largest single driver, although slightly reduced compared to the previous year, suggesting a broader mix of motivations among customers.
Telephone advice continues to dominate, now representing more than 60% of all cases. The group noted a reducing reliance on any single acquisition channel.
While the South East remains the largest region for equity release borrowing, its share has reduced, with growth becoming more evenly distributed across the UK. Notable increases have been seen in Scotland and the West Midlands, alongside steady growth in London.
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Mark Gregory (pictured), founder and chief executive of Equity Release Group, said: “The market hasn’t necessarily grown in terms of new customers, but it is becoming more mature. The firms that are converting demand most effectively are those with the right advice model, technology and operational infrastructure
“Our growth reflects the strength of our model, combining whole-of-market advice with advanced technology and a diversified ecosystem.”
Figures released earlier this month from the Equity Release Council reflected a subdued start to the year, as year-on-year lending fell by 14% and customer numbers declined.
