Tag: Equity Release
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Why People are Unlocking Home Equity: A Balance of Dreams and Needs
Older homeowners are finding innovative ways to utilize their biggest asset – their house. Pure Retirement, a prominent figure in the lifetime mortgage market, has shed light on how individuals are using their equity in a recent report. This insight offers a fascinating glimpse into the duality of human financial behavior, teetering between aspirational dreams…
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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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Are You Too Old to Get a Mortgage?
Let’s start with the good news: you’re never too old to be a first-time buyer. But here comes the tricky part – as you age, fewer lenders might be willing to offer you a mortgage, limiting your choices. The Telegraph published a useful guide. Nick Mendes, from the broker John Charcol, explains that older borrowers…
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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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Unlock Cash Without Equity Release
If you’re a pensioner looking to raise money and considering equity release, hold that thought! There are alternative ways to get your hands on some extra cash. Lovemoney suggests five options you might not have considered. What’s Equity Release? Before we get into those enticing alternatives, let’s remind ourselves about equity release. It’s becoming increasingly…
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How the Cost-of-Living Crisis Impacts Older Homeowners
The cost-of-living crisis has been a recurring topic in UK headlines. While much has been said about how it affects new homeowners, the older generation hasn’t received as much attention. So, what does this mean for our older homeowners? According to Ben Waugh, Managing Director of more2life, the cost-of-living crisis is significantly affecting older homeowners,…
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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…
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Understanding Care Home Costs and Your Financial Options
The cost of living in a care home in the UK has seen a sharp increase, leaving many families concerned about their financial futures. The Telegraph looked into the crucial details about care home expenses, available funding, and strategies to manage these rising costs without draining your savings. Soaring Costs in 2023: The Financial Burden…
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UK Homeowners Tread Carefully with Lifetime Mortgages
The UK’s homeowners are exhibiting new trends in handling their mortgages, especially lifetime mortgages, during these economically challenging times. The Equity Release Council’s report sheds light on these patterns, highlighting a cautious approach by many. But what does this mean for the average homeowner, and how does this play into the larger economic scene? Let’s…
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Making Care Home Fees Manageable in the UK
The complex world of care home fees can be daunting, especially when facing emotional and difficult family situations. However, understanding your options and rights can make this challenging journey more manageable. The Guardian has published a useful guide – here’s a quick summary. A Real-Life Dilemma Meet Jim Kirby, an 84-year-old who finds himself in…