Property Equity High Northern Ireland

Property Equity High Northern Ireland

Property equity is on a high in Northern Ireland according to research from Norwich Union.

Pensioners in Northern Ireland are sitting on homes that have risen in value by an average of 292 per cent over the part 10 years to an average of £216,255.  However, they are typically surviving on a meagre £194 a week.  The number of equity release plans taken out last year by Northern Ireland’s pensioners trebled.  

Norwich Union have decided to offer Equity Release packages to pensioners in Northern Ireland, in doing so they become the first company in the market to offer so-called drawdown products.  These products enable consumers to choose to take only the amount they need at a specific time, with the facility to take more if required at a later date rather than a lump sum in one single payment.  To be eligible for a Norwich Union equity release plan, homeowners must be aged 55 or over and own a property that is worth at least £50,000.  

Our view

Equity release is a high risk retirement funding strategy and whilst suitable for many, it is not suitable for all.  We have a whole website channel dedicated to Equity release.  

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