Tag: Equity Release Council
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UK’s Financial Confidence Hits a New Low – Nearly Half Feel Uncertain About Their Future
In a revealing study by the Equity Release Council, it’s emerged that a staggering 46% of Britons are now uneasy about their financial prospects, marking a significant leap from 35% in 2021. We look at the key findings from the Council’s latest Home Advantage study, supported by Canada Life and Equity Release Supermarket, which surveyed…
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Equity Release in 2023 – A Year of Caution and Shrinking Loans
The world of mortgages and equity release saw a shift in 2023, marked by a substantial reduction in activities. As interest rates climbed, borrowers and financial advisers across the UK adopted a more cautious stance, significantly impacting the equity release market. This cautious approach, influenced by the rising interest rates, has led to a notable…
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Equity Release Industry Makes Strides in Advice Standards
2023 marked a significant milestone in the UK’s financial services sector, especially concerning equity release advice. According to Kelly Melville-Kelly, the director of risk, policy, and compliance at the Equity Release Council (ERC), the industry witnessed “significant progress” last year in both product development and advice standards. The Impact of Consumer Duty One of the…
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Equity Release Rates Drop: A Bright Spot for Homeowners
Equity release rates in the UK have seen a decline this November, mirroring the trend observed in mortgage rates. Equity release, a financial tool used by homeowners over 55, allows them to access the money tied up in their homes. These rates had been on an upward trajectory for the past year, reaching a peak…
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Rising Living Costs Push 9 in 10 People Considering Equity Release
In a significant shift driven by the escalating cost of living, an overwhelming majority of Britons who are now considering equity release, are primarily doing it to manage their daily expenses, rather than for aspirational reasons. This trend marks a stark change from just two years ago, highlighting the deep impact of the current economic…
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Over-50s Unlocking Home Wealth to Beat Inheritance Tax!
In recent times, an increasing number of over-50s in the UK are turning to equity release mortgages as a savvy financial strategy. These plans are not just a means to reduce inheritance tax bills, but also a way to fund home improvements and clear existing mortgages. Despite relatively high interest rates, financial planners are observing…
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Equity Release Market Springs Back to Life After a Year in the Doldrums
In a welcome sign of resilience, the equity release market in the UK is showing signs of life after what seemed like a yearlong slumber. For the first time in a year, there’s a bit of a buzz with an increase in both the number of new customers flocking to equity release and the total…
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Equity Release Bounces Back
In the third quarter (Q3), total equity release lending shot up to a whopping £716 million. Who’s borrowing? Well, 7,379 new faces, and 8,466 who’ve returned for a bit more. On average, new customers are taking out £63,238, with returning ones potentially borrowing even more in the future. Lump sums, that’s just a one-time large…
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Pensioner Power – The Growth of “Later Life Lending”
The way our elderly are viewing their homes and mortgages is changing, and property experts are sitting up and taking notice. The “later life lending” sector, focusing mostly on pensioners, is growing in importance in the UK property world. Here’s what the experts are saying and why it matters. The Pulse of Property Pros At…
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UK Homeowners Battle Debt and Dive into Equity Release
Homeowners across the UK are swimming against the tide, grappling with mounting mortgage debts while cautiously using their properties to unlock essential funds. According to the Equity Release Council (ERC), the nation’s homeowners are clearing away mortgage debts at a record rate. We’re talking figures that boggle the mind – over £21 billion every quarter…