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Alex Edmans, Head of Retirement at Saga, commented: “The increase in people using drawdown lifetime mortgages is really positive. People seem to be growing more confident in this sector as they recognise that they can use the money tied up in their home to help them financially plan for later life.

“These latest figures suggest that people like being able to unlock cash from their home as and when they need it. This can be a smart move financially as people only have to pay interest on the funds they release, but they know that they can unlock more cash at a later date if they need to.

“However, equity release is not right for everyone. We always recommend getting thorough advice before taking out a plan, as well as speaking to family and friends so they know what you are thinking of doing.”

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