From time to time, financial organisations do market research to try and understand what the future holds as they begin to shape their products for the next period of time. One family recently published some research looking at trends for older borrowers following the pandemic with some interesting results.

"Having had a garden during lockdown was a factor in the choice to stay for more than half (53%), while 26% simply realised how much they love their home, having spent more time indoors recently.

Family ties play a role in not wanting to move too. One in four (23%) over-50s, are keen on keeping space at home for loved ones to visit, after being apart during the last 18 months, while a fifth (21%) want to remain in their current house in order to pass it on to family someday.

On the financial side, factors such as high house prices (10%), as well as the hassle and cost that the moving process can involve (31%) are major influences on the decision to stay put.

Three in five (60%) over-50s say they are unlikely to move house any time soon. Of these, one in four (24%) would consider taking out equity release to free up cash from the value of their property, helping them to remain in the familiarity of their home rather than needing to downsize or move to accommodate needs in later life.

Driving this, 17% say they would rather spend money to make their house more accessible than relocate. The same proportion (17%) say they would be very reluctant to move to a smaller warden-assisted flat or care home in old age. While one in 20 over 50s has already taken out equity release (5%), this appetite for renovation rather than relocation could drive new uptake."

When you take into account the recent trend of families increasingly opting to help out family members through gifting deposits, this is a growing market for Equity Release and Retirement mortgage providers.

Equity Release advisers must hold the ER1 Certificate in Equity Release from the Chartered Insurance Institute and have a clear understanding of the variety of later life borrowing options available - At Wallace Home Finance we have Brokers within our business who hold this qualification however we have chosen to partner with Mortgage Advice Bureau Later Life to offer lifetime mortgage products from a carefully selected panel of providers. With competitive rates, high loan amounts and features such as no monthly repayments available, their Adviser will talk you through your options and recommend a plan based on what’s important to you.