Wealth accumulated via mortgage repayments reaches a record £62.7 billion in 2016 as UK faces a retirement income crisis
Equity Release Council launches white paper – Equity release rebooted: the future of housing equity as retirement income Wealth amassed by homeowners via mortgage capital repayments increased by 54% from £40.7 billion in 2005 to a record £62.7 billion in 2016 Total homeowner equity in England alone reaches an unprecedented £2.6 trillion, with £1.8 trillion […]
With effect from Monday 3rd April 2017, Hodge Lifetime are changing the rates on their Indexed Lifetime mortgage plans
The interest rates on the Indexed Lifetime mortgage range will be adjusting in line with the CPI figures published in October 2016. As of Monday 3rd April 2017, the rates will be as follows: Any questions call Maxlyte Financial 020 7993 2882.
With effect from 6pm on Thursday 30th March 2017, L&G Home Finance are making some changes across their product range.
The changes are as follows: Minimum age has been reduced to 55. All products are now flexible and have a draw down facility All products now have a minimum initial advance of £10,000 All offers are now valid for 50 calendar days (previously 35 days) Lifetime mortgages now available from age 55 From 6pm on Thursday 30 March L&G […]
Retirement Advantage
Introducing our Lifestyle Options Our Lifestyle Options provide a tax-free lump sum. No payments are due and interest is added to the loan each month. Product Monthly interest rate (MER) Annual interest rate (AER) LTV @ age 60 LTV @ age 90 Lifestyle Gold 4.29% 4.38% 21% 35% Lifestyle Platinum 6.39% 6.58% 32% 46% If […]
Equity Release Market Report Autumn 2016
Our Autumn 2016 Market Report arrives at a time when the state of play in the equity release sector goes beyond the record levels of lending witnessed so far this year to continuing signs of innovation and change. Download here
Lending In Retirement Newsletter
AUG 16 Newsletter
Early Repayment penalties and the plans that suit best
When a client leaves their home because they need to go into Long Term Care or they die, there is no Early repayment penalty. Recently clients needed funds to repay their interest-only mortgage. I researched the lowest rate available but there was a complicated calculation required to confirm the Early Repayment Charge. This involved the […]
Estate Administration
Dealing with the death of a loved one can be a stressful and emotional experience. People need support at their time of need by accessing professional services that can reduce the burden on at this difficult time.One task that you may need to consider is administering the estate of the person who has passed away. This can […]
No need for proof of earnings anymore
The Equity Release Council have helped the FCA see that as long as an interest-only mortgage can be converted into an equity release plan – there is no longer any need to has “proof of income”
Legal & General Equity Release Rates
Legal & General are reducing the interest rates on their Flexible Plus Lifetime Mortgage product. FLEXIBLE PLUS PIPELINE CASES: Any applications Legal & General have not yet offered on will automatically be switched to these new lower rates.
Equity Release Goes From Strength To Strength
It seems that as the equity release industry goes from strength to strength the negative comments just keep coming from some quarters. There is a very important reality to equity release and that it offers a lifeline to many people. It’s an essential product that will continue to become more popular because there is an increasing number of people who need to tap into their equity.
Flooding and the Flood Plain Problem
With all the horrendous news about the recent flooding in the country, you should be concerned that if you want equity release at some time in the future, you may be in for a very unpleasant surprise.
The average working life isn’t long enough to pay for a house!
Have we reached the point where the average working life isn’t long enough for us to buy a home? That’s the picture emerging from another week in which there was another raft of data about incomes, savings, mortgages – and house prices.
The stigma attached to equity release
We are are continually being reminded that some people feel uncomfortable because of the stigma attached to equity release. Now the equity release market is bursting with innovation and this keeps building confidence. Inflexible plans are being phased out which removes such issues as greatly reduced inheritances. Many equity release plans now have repayment schemes included to […]
Beware So-Called Specialists with low fees!
There may be unscrupulous brokers who are advising people to take out the maximum that they can get out of the valuation of their properties. Their reasoning is that they will be getting “Today’s Rate” which could well increase in the future. This concerns me as it could turn out to be not such a straight-forward sensible option to take.
UK adults in denial about retirement savings shortfall
Two-thirds are unaware, unwilling or unable to face financial facts. Pressure on savings up by 29% for men and 14% for women since 2009. Nearly one in ten believe they will have to sell their homes in retirement
FEAR: Face Everything And Release… Equity!
The more people I speak to born between 1940 and 1948 who are not debt free reminded me to share an acronym for FEAR – Face Every thing And Release…….. Equity! The number of people entering retirement with a mortgage in tow has greatly increased recently for a number of reasons. Many of the baby […]
Dealing with Bereavement
DEALING WITH BEREAVEMENT _ A ROAD WITHOUT A MAP A year or so ago, I lost a close family member. I was unacquainted with the formal aspects involved with what happens when someone dies. Why would I be? It’s an experience remote from everyday life, an almost taboo subject which isn’t often openly talked about. […]
Short Leases in Central London – sorted!
If you live on one of the large estates – Howard de Walden, Grosvenor or Cadogan, you may be concerned about your short lease and what will happen if it runs out before you do!
Family Feuds
Home equity release schemes, like pensions, can be complicated. The Financial Service Authority, Citizen’s Advice Bureau and Age Concern all recommend that you get independent legal and financial advice.
Questions to Ask Yourself
Some questions that you need to satisfy your self you have answered to the best of your ability as there are alternatives to using Equity Release.
Injecting an equity share when you downsize to release more cash in your life
You may wish to consider one possibility that is often overlooked as it hasn’t been widely publicised. How about getting an Equity Release provider to pay towards the purchase price of the property you want to move into? In so doing, you will tie up less of your own money to meet the agreed purchase price.
