Click here to download the CML research. … [Read more...] about Later life borrowing New mindsets: Old silos – The advice framework for older mortgage customers
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. One of the largest lenders always checks on areas that could possible flood and then turn down properties out of hand. And with the latest problems, equity release could well suffer drastically in future. You can check whether you are eligible for an equity release plan even though you may live miles away from water at the moment. Or it may be that there have been serious constructions and … [Read more...] about Flooding and the Flood Plain Problem
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. At one end of the lifespan are older home owners stuck with mortgages, inadequate pensions and looming care bills. They’re not going to be able to pay off their mortgages and they’ll have to sell up, downsize, take out lifetime loans in the form of equity release – or, like their much younger counterparts, rent. Official figures suggest there are over … [Read more...] about The average working life isn’t long enough to pay for a house!
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 regulate their outstanding balance and reduce a financial build up. We will help you to dispel any myths by working closely with you by explaining how these new product features present fresh opportunities yet to be … [Read more...] about The stigma attached to equity release
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 8 May 2013: Two-thirds (66%) of UK adults are unaware, unwilling or unable to address the financial challenges facing them in retirement, according to research by The Equity Release Council. Examining people’s approaches to financial planning for later life suggests five distinct personality types exist. The two-thirds who are struggling to save fall into three categories: … [Read more...] about UK adults in denial about retirement savings shortfall
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. Bereavement catches us out of our comfort zone completely. Not enough that the emotional aspects knock you sideways, but the whirlwind of tasks, process and paperwork add to the experience of being on a road without a map. This article offers several practical tips that I learned from … [Read more...] about Dealing with Bereavement
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! Discover what to do before it runs out Could a form of Equity Release be a solution? There is a process involving extending the lease where equity release can help you come up with the additional money needed. So you would be able to stay there for as long as you can. … [Read more...] about Short Leases in Central London – sorted!
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. Wherever possible you should also discuss the investment with your family and anyone you live with. There is nothing like property inheritance for sparking off a feud. And if money is really tight you may be better off finding out whether you qualify for means-tested benefits or other benefits such as Attendance Allowance or Council Tax Benefit. You might also want to consider moving to … [Read more...] about Family Feuds
Below are 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. Sell your present property and… Move into a lower cost property Rent a property and live on the capital from the sale Move in with relatives or friends Ask friends and relatives for financial help Rent out the property and move into rented accommodation or… Take in lodgers Find part-time work to increase your income Confirm if you are entitled to any state benefits you are not claiming Discuss the idea of Equity … [Read more...] about Questions to Ask Yourself
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. 100% input by you OR x% input by equity release lender If you are moving from one area to another where property prices are higher, this will enable you to buy a similar property to meet your requirements without tying up more of your capital. If you have decided to downsize to a … [Read more...] about Injecting an equity share when you downsize to release more cash in your life