Tag: Equity Release
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Can a Parent Remortgage to Help Their Child Buy a House?
Many parents are pondering over ways to help their children step onto the property ladder. One such story features in the Daily Mail, where a father keen on making their daughter’s home-ownership dream a reality, asks for advice about remortgaging his house. A parent, owning a home valued at around £600,000 outright and with the…
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UK Homeowners Tap into Equity to Ease Debt Burden
A staggering 72% of the equity released from homes in 2023 was allocated to paying off mortgages and other debts. This figure, reported by Key Later Life Finance, marks a significant increase from 67% in the previous year, highlighting a growing trend among homeowners to leverage their property’s value for financial relief. Debt Repayment Takes…
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UK’s Older Borrowers Face Mortgage Meltdown
The UK has witnessed a significant decline in mortgage lending to older borrowers, notably those over the age of 55. This group has been particularly hard-hit by an affordability crisis, spurred on by soaring interest rates and escalating house prices, leading to a substantial decrease in the number of new mortgages being taken out. A…
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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…
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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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Standard Life’s New Lifetime Mortgage Offer
Standard Life Home Finance has announced a new initiative that could see customers saving money on their mortgage payments. The company is introducing a novel approach to equity release, aiming to provide more flexible and financially rewarding options for its customers. This move is especially tailored to those in their later years, offering a blend…
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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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Over 55s Hesitant to Downsize
New data has surfaced, revealing a significant trend among UK homeowners over 55: a mere 14% plan on downsizing their homes. This statistic sheds light on a growing issue known as the ‘later-living logjam’, which is significantly impacting the UK’s housing market. The reluctance of older homeowners to move to smaller properties is causing a…
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The Growing Trend and Benefits of Property Downsizing in Today’s Market
Downsizing, a term that once conjured images of retirees looking for smaller, manageable homes, is now a dynamic and financially savvy move for many homeowners. Recent research from national estate agency Jackson-Stops has revealed some interesting insights into this growing trend. According to Jackson-Stops’ latest findings, those opting to downsize can expect to free up…
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Considering Equity Release? Some Things You Need to Know
In 2024, with the housing market constantly evolving, more and more people over 55 are turning to equity release as a viable option for financial flexibility. However, it’s not a decision to be taken lightly. Here’s a breakdown of the six essential things you need to know before diving into the world of equity release.…