Britons are increasingly tapping into their property wealth to fund private health operations such as hip or knee replacements amid huge NHS waiting lists.
Details have been revealed following research from the Equity Release Council which identified a rise in older people taking a loan against their home.
Total lending under the heading of equity release hit £578 million in the second quarter of 2024, which was up 15 percent on the first three months of the year.
The average new lump sum borrowed was up 7 percent over the same period to £110,969.
Home loan experts said many of the people involved bought their properties with interest only loans, which means the original capital sum borrowed has to be repaid when the mortgages come to an end.
These people are now taking out an equity release loan to pay off that figure and raise cash to fund their lifestyles. …