Category: Uncategorized
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Stamp Duty Stalemate – Why Brits Aren’t Downsizing
A significant slump in downsizing has been blamed on the hefty charges of Stamp Duty and Inheritance Tax, casting a long shadow over the dreams of many homeowners wishing to scale down in their later years. At the forefront of the dilemma is Stamp Duty Land Tax (SDLT), a levy that has become a formidable…
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Royal London’s New Equity Release Options
Homeowners across the UK now have two new avenues to tap into the wealth tied up in their homes, thanks to the launch of Royal London Equity Release’s latest offerings. Royal London Equity Release, in collaboration with Responsible Lending, is introducing two new lifetime mortgage products: the Principal and Efficiency Plus plans. Both products come…
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New Lending Trend – Shift in Equity Release Mortgages
A significant change is emerging in the way lifetime mortgages operate. Traditionally, these mortgages have allowed borrowers to defer payments until death or entry into long-term care. However, the financial turbulence of late 2023, marked by soaring interest rates, has led lenders to rethink their strategies. In this article, we look into why equity release…
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Rethinking Retirement – Interest-Only Mortgages for the New Age
The retirement situation in the UK is shifting dramatically, presenting new challenges and opportunities for those nearing retirement age. With people living and working longer, the traditional notion of retiring at 60 is becoming increasingly outdated. This change is largely driven by various socioeconomic factors, such as the rising age of first-time homebuyers and parents,…
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Downsize Smarter – Leaving a Tax-Free Legacy for Your Loved Ones
Downsizing your home in the later years of life is a journey fraught with emotional and financial complexities. Yet, done wisely, it can not only rejuvenate your lifestyle but also offer a substantial tax-saving boon to your heirs. The Daily Mail looked into the lessons learned by Peter Miller and Hilary Kingsley, who took this…
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Halifax Sets Age Limit at 70 for Mortgage Borrowers, Stirring Concerns
Halifax has announced a new policy that will impose a 70-year age limit on thousands of mortgage borrowers. This move, a departure from its previous stance, is expected to squeeze the finances of many homeowners by increasing their monthly mortgage payments. Halifax, the UK’s largest mortgage lender, is tightening its lending criteria by reducing the…
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Smart Spending for a Worry-Free Retirement – Enjoying Your Golden Years
Retirement should be a time of joy and freedom, but the question of how to smartly manage your pension and savings can cast a shadow over your golden years. Many work hard to build a sizeable pension, yet the puzzle of how best to spend it remains unsolved for some. Lovemoney published an easy-to-understand guide…
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More Personalised Lifetime Mortgage Rates Now Available
Legal & General Home Finance is changing its approach to liftetime mortgages, especially for those interested in the payment term lifetime mortgage (PTLM) product. This product, designed for homeowners looking to leverage the equity in their homes without the traditional barriers associated with age and borrowing limits, is now more accessible thanks to a nuanced…
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Getting Out of the Mortgage Maze at 69 – Options for Interest-Only Loans
Many find themselves facing financial uncertainties as they approach retirement. The Daily Mail answers a question from an individual, aged 69, grappling with a £60k interest-only mortgage, a common scenario for those who’ve had to make tough decisions during challenging times. If you’re in a similar boat, understanding your options can be the first step…
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Nearly Half of Britons Fear Their Pension Won’t Last Through Retirement
According to Investec Wealth & Investment’s latest report, a staggering 48% of individuals express apprehension that their pension savings may not suffice for their retirement years. The study underscores a prevalent unease about financial security in later life, with a notable 56% admitting to insufficient retirement savings. The gender gap in financial worry is evident,…