"Lifetime mortgages are increasingly enabling families to help each other and share their wealth over the generations"
Homeowners using a lifetime mortgage to support their loved ones financially are releasing over £110,000, up a quarter (28%) compared to 2018, according to data from OneFamily.
Nearly one in five (18%) OneFamily lifetime mortgages are now used to give loved ones a financial gift, with these loans for this reason now the largest.
Nici Audhlam-Gardiner, managing director of lifetime mortgages at OneFamily, commented: “We know that for parents and grandparents seeing younger family members thrive financially, and in particular get on the property ladder is a milestone they want to see them achieve.
"Lifetime mortgages are increasingly enabling families to help each other and share their wealth over the generations, which in turn is helping boost the economy and the housing market. The range of lifetime mortgages also means that more homeowners than ever can access the funds in their property.
“We review each application on a case by case basis, meaning we are able to support on a wide variety of homeowners.”