Tag: Equity Release Council
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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…
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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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Equity Release Usage Holds Strong in Early 2024 Despite Fewer Newcomers
In the first quarter of 2024, the UK’s equity release market showed a resilient performance with over 14,000 clients opting to unlock value from their properties, according to the latest figures from the Equity Release Council. Specifically, from January to March, a total of 14,216 customers engaged with equity release products. This is a modest…
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The Bright Future of Later-Life Lending
Equity release, once a niche financial product, has firmly established itself as a mainstream solution for later-life financial planning. This shift reflects the evolving needs and growing acceptance among homeowners, particularly those over the age of 50. As the industry continues to innovate and adapt, equity release is set to play a pivotal role in…
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Equity Release Trends and Future Potential
Despite a challenging economic climate, the potential for growth in the equity release sector remains strong, as highlighted by the industry’s key representative, the Equity Release Council. In recent years, particularly in 2022, the sector saw a record-breaking influx with £6.2 billion released. However, 2023 witnessed a significant drop in total lending to £2.61 billion,…
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Is Equity Release the Way to Pay Off a Mortgage?
A growing number of older homeowners are finding themselves caught between the rock of mortgage repayments and the hard place of retirement savings. But is there a glimmer of hope on the horizon, in the form of equity release? Since 2021, the financial situation for those with tracker and variable mortgages has been growing increasingly…
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Breaking Down Financial Barriers – New Guide to Demystify Later Life Lending
In an effort to tackle the dense fog of financial jargon, the Equity Release Council (ERC) has joined forces with the ratings agency Fairer Finance to unveil a groundbreaking ‘jargon-free’ manual aimed at illuminating the often perplexing world of later life lending. The newly released guide aims to promote transparency and understanding of financial services,…
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Mortgage Strain Threatens UK Retirement Dreams
Over 20% of UK homeowners with mortgages are finding it increasingly difficult to save for their golden years. This startling statistic highlights a growing financial dilemma faced by millions, as soaring mortgage rates chip away at their ability to secure a comfortable retirement. A recent survey, involving 5,000 UK adults and commissioned by the Equity…
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New Rules for Equity Release Mortgages – What They Mean for Over-55s
In a significant shift aimed at providing more security and transparency for older homeowners, those over 55 looking to unlock cash tied up in their homes will now face a new requirement: to have a detailed chat about their daily finances before being approved for an equity release mortgage. This move, brought in by the…
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New Safeguards for Equity Release Customers
The Equity Release Council, a key body in the UK housing finance market, has announced a significant update to its standards and is embarking on an extensive review to enhance consumer protections for those looking to access their home equity. This move promises greater confidence and security for homeowners considering equity release as a financial…