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The UK equity release market grew by 11% in 2025, with total lending reaching £2.57 billion according to the Equity Release Council, up from £2.3 billion the year before. The average amount released by customers in the final quarter of 2025 rose by 5.7% year-on-year to £123,174. This is not a niche product for the few: equity release is rapidly becoming a mainstream pillar of retirement planning.
Almost four in ten people approaching retirement are on track to have an income below the Pensions UK ‘minimum standard’. More people are reaching later life still carrying mortgage debt, often on fixed or reduced incomes, trying to make their money stretch further. For many homeowners aged 55 and over, the wealth tied up in their property represents their most significant financial resource.
What Are People Using Later Life Lending For?
The uses are as varied as the people themselves. In 2025, 26% of equity release customers used funds to clear an existing mortgage, while 21% went towards home improvements and 13% was gifted to family members. Often helping children or grandchildren onto the property ladder or through key life events. Many customers are motivated by a combination of these goals.
Equity release has never been more tightly regulated or better designed. In the first quarter of 2026, the Financial Conduct Authority launched a focused later life lending market study, examining how property-based solutions can better support consumers borrowing into retirement. This signals that regulators and government recognise the growing importance of property wealth in funding later life.
Equity release is not right for everyone, and it is essential to take proper independent advice before proceeding. Compound interest means the amount owed can grow over time, and equity release will reduce the value of your estate. It may also affect means-tested benefits. These are all important considerations that a qualified adviser will work through with you in detail.
Thinking about releasing equity from your home? Our later life lending specialists can help you understand all your options, from lifetime mortgages to Retirement Interest-Only products, and ensure any decision is the right one for your circumstances. Get in touch for a confidential, no-obligation conversation.
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Put simply, the more deposit you have, the better, as a higher deposit will generally attract a lower mortgage rate. But, because mortgage products change all the time, do give us a call, as the percentage deposit you need will vary.
Mortgage lenders will have a maximum LTV (loan to value) that they’re prepared to offer you. For example, if you’re looking at a property with a value of £250,000 and the lender offers you £212,500, this means your LTV is 85%, so your deposit would be £37,500 which equates to 15%.
When buying a property, or re-mortgaging, rather than take your word for it, the lender will need a valuation of your intended property purchase, to ensure that what you’re asking to borrow, coincides with the property’s value. In fact, they’ll insist upon it.
It’s well worth investing in a survey too. This will tell you about the general condition of the property. If you’re investing in a property that’s older, or in a general state of disrepair, it would be well worth investing a little extra in a structural survey.
When saving for your deposit, don’t forget to save extra for things like solicitor fees, surveys, stamp duty, home insurance, removal costs, mortgage arrangement fees, etc.
To assess whether or not you can afford a mortgage, lenders will look in detail at things like your salary, any other income you receive. Plus, they will also need to know about any other outgoings such as car loans, credit card debt, personal loans, utility bills, childcare, general living costs. All this is taken into consideration when applying for a mortgage.
Also, be aware that lenders will look at your credit score too. They need to be confident that you can pay back your mortgage and that you pay back any other credit, essentially to make sure that you are a reliable borrower.
We’ve been in the property industry for a number of years now and as such, only work with trusted partners, such as conveyancing solicitors, etc. So if you need help, then do not hesitate to ask and we will put you in touch.
Comparison sites serve their purpose, but, because they don’t have access to the whole of market, the results you will see will be limited. Comparison sites will only show the results of the lenders who have paid to advertise on their site.
At Steeples Mortgages, we’re more than happy to chat things through with you, we much prefer the personal touch, be that by telephone, Zoom or in person.
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Steeples Mortgages is a trusted and respected independent mortgage and financial solutions business based from our high-street office in Brighouse, West Yorkshire. We’ve built our reputation on friendly, client-focused, transparent advice.
As a member of The Equity Release Council and certified in Mortgage Advice and Practice, Steeples Mortgages is all about doing the right thing. We want each and every client to be a lifelong client and as such, we provide the very best customer service, coupled with the most suitable advice all underpinned by honesty, integrity and trust.
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Meet The People Behind Steeples
A dedicated team committed to giving you the best mortgage and protection advice.
Aaron Steeples
Founder & Managing Director
Founded Steeples Mortgages in 2017. Two decades in finance with a client-first approach built on honest, transparent advice.
Kylie Waite
Client Completion & Office Manager
Oversees every client’s journey from application to completion, ensuring a smooth and stress-free experience.
Duncan Schofield
Mortgage & Protection Advisor
40 years in financial services. Specialist knowledge with self-employed clients and complex mortgage cases.
Adnan Ahmed
Mortgage & Protection Advisor
Dedicated to helping clients find the right products with clarity and care, from first-time buyers to remortgages.
Cheryl Whitehead
Mortgage Administrator
Cheryl has been working in the mortgage industry for over three years now and has built up valuable experience.