Tag: Equity Release
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Equity Release Advice: Are Consumers Getting the Short End of the Stick?
There’s a growing concern among financial experts about the way equity release advice is being handled in the UK. In FT Adviser, Gareth Davies, the director of South Coast Mortgage Services, labels it as “madness” that the Financial Conduct Authority (FCA) allows firms to only offer advice on equity release products. This specialised advice, according…
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Bright Future Ahead for Later Life Lending, Says Industry Expert
At a recent conference, Angela Robertson, a prominent figure in the retirement lending industry, shared her insights into the current state and future prospects of later life lending. According to Robertson, the sector faces challenges due to the current economic climate and fluctuating interest rates. The reduction in customer numbers has been unexpected and difficult…
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Unlocking Wealth: Exploring Equity Release and Inheritance Tax Changes
The financial landscape for UK families is poised for a significant shift with Chancellor Jeremy Hunt expected to announce a substantial cut in inheritance tax (IHT) in his Autumn Statement. This move could impact about 4% of all UK families, marking a major change in the way wealth is passed onto the next generation. Speculation…
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New Lifetime Mortgage Option for Over-50s
Legal and General Home Finance has unveiled a pioneering financial product specifically designed for those over 50 years old: the Payment Term Lifetime Mortgage (PTLM). This innovative offering stands out as it targets individuals whose interest-only mortgage deals are nearing their end. What makes the PTLM truly unique is its break from the traditional requirement…
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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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Pension Payments Plummeting? How to Increase Income
It’s a tough time for UK retirees. In the latest financial figures, retired couples have seen their weekly income after housing costs shrink to £349, a near 8% drop from £376 the previous year. This isn’t just a bad year—it’s part of a decade-long stagnation in pensioner income growth. Looking back to the ’90s, average…
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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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Mortgage Market: Is It Fair on the Older Generation?
The mortgage landscape has been through a whirlwind of changes recently. We’ve seen the chaos of the pandemic, the crunch of the cost-of-living crisis, the bite of high inflation, and the soar of interest rates. There’s been plenty of chatter about the impact on fresh-faced first-time buyers and the struggles of “second steppers” looking to…
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Considering Equity Release? Here’s What You Need to Know About Repayments
Are you nestled comfortably in the golden years of life but your pension pot seems more like a penny jar? If you’re sitting in a mortgage-free home and thinking about how to fund your lifestyle, equity release might just be a topic popping up on your radar. Well, WhatMortgage’s expert wrote about the nitty-gritty of…