Annual growth of equity release lending has reached a 15 year high as homeowners access wealth from their property.

First time buyers are less likely to be supported by the Bank of Mum and Dad as a third of parents are unable to financially support their children.

The amount of wealth accessed by homeowners in 2017 by using equity release has increased 55% over the year helped by more products.

Housing wealth in England of £1.8 trillion can be accessed with equity release and used by an aging population to fund retirement.

Amounts of equity released from homes reached £1.24 billion in the second half of 2016 a record level of wealth that continues to growth.

Mortgage age limits for older borrowers increase from age 75 and over due to changing demographics and people working longer.

Data from the CML has revealed older borrowers have higher levels of equity to debt with repayment rather than interest only mortgages.

Growing competition from lenders has seen more flexibility and choice for consumers and lower interest rates, says Moneyfacts.

Homeowners have used equity release to withdraw a record £8.2 million of housing wealth per day or £0.5 billion each quarter.

The upper age limits for homeowners to be accepted for a mortgage have been increased by the Nationwide to 85 to meet Britain’s aging population.

The Equity Release Council reports biggest quarter for homeowners borrowing from their property with £393 million of mortgages.

Citizen Advice has warned that one million mortgage holders have no plan on how to repay and could face repossession.