Category: Uncategorized
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Rising Trend – More Older Brits Aspire to Own Homes
Recent data from Legal & General Mortgage Services highlights an interesting shift in the UK’s housing market: a significant rise in older individuals, particularly those in their 50s and 60s, stepping into the housing market as first-time buyers. In the first quarter of 2024, there was a noticeable 13% increase in people aged 56 to…
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Exploring Flexible Money Solutions – Are Drawdown Equity Release Plans Right for You?
Recent data from the Equity Release Council (ERC) has shown a significant shift in homeowner preferences towards more flexible equity release products. Despite a decrease in the overall use of equity release, there’s a trend among new customers choosing drawdown lifetime mortgages over traditional options. These mortgages allow multiple withdrawals rather than a single lump…
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Pensioners to Lose £500 Annually as Government Halts Triple Lock
The Trades Union Congress (TUC) has issued a warning: by freezing the state pension triple lock, the government is set to strip nearly £500 a year from pensioners. This move comes at a time when households across the UK are already grappling with the most severe income squeeze since the 1970s. The triple lock is…
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Turning Your Pension into Income When You Retire
Retirement marks a significant shift from the daily grind to a period of freedom and relaxation. To ensure you enjoy this new chapter without financial stress, it’s crucial to convert your accumulated pension funds into a reliable income stream. This transition will replace your regular salary and support you through your later years. Your approach…
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New Lifetime Mortgage Option Expands Borrowing Limits
UK-based Standard Life Home Finance has expanded its range of financial options for homeowners with the launch of its new Horizon 650 plan, part of its Horizon lifetime mortgage series. This new offering allows customers to unlock up to 52% loan-to-value (LTV) from their homes, which is the highest available in the current range. As…
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State Pension Triple Lock – What It Means
For many approaching retirement, understanding how their state pension will be calculated and adjusted over time is crucial. The state pension triple lock is a policy designed to ensure that state pensions don’t lose their value against the cost of living. But what exactly is the triple lock, and how does it work? The Mechanics…
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New Tax-Free Pension Withdrawal Cap
Pension holders, beware! A new regulation in the UK’s pension system may lead to some unexpected tax bills for those not paying close attention. Starting April 6, 2024, a significant change will take effect concerning how much tax-free money you can withdraw from your pension. Wealthy savers, in particular, need to gear up for this…
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Home Wealth – Over £622 Billion Available in Equity Release
A recent report has highlighted a significant opportunity for homeowners over the age of 55 in the United Kingdom. They collectively have access to approximately £622 billion in housing equity that could be released to enhance their retirement lifestyles. This finding is based on the latest property value tracker from Canada Life, which has noted…
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The Bank of Mum and Dad – Helping Your Kids onto the Property Ladder
Many young adults find themselves struggling to make their first step onto the property ladder. With house prices and mortgage rates at an all-time high, it’s no wonder the “Bank of Mum and Dad” is increasingly becoming a crucial resource for aspiring homeowners. If you’re considering lending a financial hand to your children, understanding the…
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Boost to Pure Retirement’s ‘Emerald’ Lifetime Mortgage Range
Pure Retirement, a key player in the UK’s financial services sector, has announced a significant overhaul of its popular Emerald lifetime mortgage range. This revamp brings a host of enhancements designed to attract a broader array of consumers seeking financial comfort in their retirement years. One of the main changes in the Emerald range is…