New figures from the Bank of England indicate that the number of people taking out equity release mortgages has fallen, though more mortgages overall are being taken out.
According to statistics 85,000 new home loans were made last month, the highest number since October last year..
Moreover the amount of money borrowed that is secured against property increased by £7.3 billion, last month - the largest rise since September.
However, the Bank also revealed figures on how many people are taking mortgages and using the money for things not related to their property .
These showed that in the last three months of 2004 mortgage equity withdrawal fell to £6.9 billion - down from £11.3 billion the previous quarter and £16.8 billion from the previous year.
Howard Archer, chief UK economist at Global Insight, noted: "It is clear that the slowdown in the housing market and higher interest rates have markedly reduced individual's scope and desire for mortgage equity withdrawal."
Equity release mortgages falling in popularity
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Equity release mortgages falling in popularity
Thu, 31 Mar 2005
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