Pension Loans

Category: Uncategorized

  • Pensioner Borrowing Drops as Economic Pressures Mount

    The latest data from UK Finance reveals a decline in the total value of new loans issued to older borrowers, totalling £4.3 billion in the first quarter of the year. This represents an 8.5% decrease from the same period last year. Specifically, the number of new loans given out fell to 28,840, marking an 11.7%…

  • Pension Payout Problems: Retirees Miss Out on £470M Due to Errors

    New data shows that a significant number of retirees in the UK have been underpaid a massive total of £470 million in State Pension funds during the financial year 2023/24. These underpayments, a result of government errors, have impacted approximately 4 out of every 100 pension claims. According to the Department for Work and Pensions…

  • Guide to Safer Equity Release – New Legal Framework Unveiled

    The Equity Release Council has launched a comprehensive legal guide, accompanied by a report on consumer vulnerabilities. These initiatives are designed to enhance the legal support provided to customers, particularly the elderly, who may face increased risks of vulnerability. The newly released “Vulnerability Vigilance” report highlights the most common vulnerabilities observed in equity release customers.…

  • New Triple Lock Plus – A Tax Break for Pensioners?

    In a bold move to woo the senior citizen vote, the Conservative Party in the UK has introduced a new financial scheme known as the “Triple Lock Plus” plan. This initiative promises a significant shift in how pensioners will be taxed on their state pension, aiming to alleviate the tax burden on the older generation…

  • Over 60% of Lifetime Mortgage Brokers Hike Fees Amid Financial Strain

    A revealing study of the financial pressures facing the mortgage industry has shown that the majority of lifetime mortgage brokers now charge over £1,000 for their services. This shift in fee structures reflects a significant adjustment to market conditions and regulatory requirements. Data sourced by Mortgage Solutions through a Freedom of Information request to the…

  • Major Mortgage Hike Hits Over-55s Hard

    Nearly half of the over-55 demographic in the UK who currently hold mortgages are preparing themselves for a significant hike in their monthly payments as their fixed-rate mortgage deals come to an end. According to recent research conducted by Key Later Life Finance, a leading equity release adviser, approximately 47% of these homeowners anticipate their…

  • UK Boomers’ Homes at Risk in Tax Time Bomb

    The United Kingdom is on the verge of an unprecedented wealth transfer, set to rattle the foundations of ordinary families. Experts are sounding the alarm that many baby boomer homes might soon hit the market in rushed “fire sales” as the next generation grapples with daunting inheritance tax (IHT) bills. Born from the post-World War…

  • Pensions Panic – Nearly 80% Dipping Into Retirement Funds Early

    A recent study by Scottish Widows has highlighted a concerning trend among pension savers in the UK. Astonishingly, almost 80% of individuals have been withdrawing from their pension pots prematurely, taking out an average sum of £47,000. This trend has been most prominent from 2019 to the end of 2023, signaling a shift in how…

  • Dreaming of a Comfortable Retirement, UK Homeowners Turn to Property Wealth

    A significant number of UK homeowners are turning to their property wealth as a financial safety net. Recent findings from the Equity Release Council indicate that more than three in five UK homeowners, representing a staggering 18.7 million individuals, are contemplating tapping into the equity of their homes to support their financial needs later in…

  • LiveMore Cuts Interest Rates for Later Life Lending

    LiveMore, a well-known later life lender, has announced a substantial reduction in rates across a variety of their mortgage products, including both traditional and equity release mortgages. These rate cuts, which go as deep as 0.58%, cover an array of products designed specifically for older customers, reflecting LiveMore’s ongoing commitment to supporting this demographic in…