Tag: Lifetime Mortgage
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Retirement Worries Keep Pensioners Up At Night!
It might seem like many pensioners are sitting on a goldmine, with the average over-55 homeowner owning £311,000 worth of property. But new research shows that the reality is a lot bleaker. Many are worried about making ends meet in retirement, despite owning their homes outright. Homes Full of Equity, But Empty Pockets? The research,…
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Phil Spencer Explains Retirement Interest Only Mortgages
In a new video on his MoveIQ Youtube channel, UK property expert Phil Spencer explains what Retirement Interest Only (RIO) mortgages are, how they work, and their pros and cons. Here’s our summary… Is a Retirement Interest Only Mortgage Right for You? Are you over 55 and thinking about using the value of your home…
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Don’t Be Fooled! 5 Equity Release Myths Busted
Retirement can be a time to enjoy your hard-earned savings, and maybe even treat yourself to something special. But if you’re thinking about using your home to unlock some extra cash, you need to be careful. Equity release is a complex product that can be helpful, but it’s not right for everyone. There are a…
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Mortgage Woes – Cost of Living Crisis Affecting Over-55s’ Mental Health
The cost of living crisis is hitting older homeowners hard, with many struggling to cope with rising mortgage payments. A new study by Key Later Life Finance reveals that one in four over-55s with mortgages are suffering mental health problems because of the financial pressure. Facing a Double Whammy It’s a double whammy for these homeowners. They’re…
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Pensioner Borrowing Drops as Economic Pressures Mount
The latest data from UK Finance reveals a decline in the total value of new loans issued to older borrowers, totalling £4.3 billion in the first quarter of the year. This represents an 8.5% decrease from the same period last year. Specifically, the number of new loans given out fell to 28,840, marking an 11.7%…
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Over 60% of Lifetime Mortgage Brokers Hike Fees Amid Financial Strain
A revealing study of the financial pressures facing the mortgage industry has shown that the majority of lifetime mortgage brokers now charge over £1,000 for their services. This shift in fee structures reflects a significant adjustment to market conditions and regulatory requirements. Data sourced by Mortgage Solutions through a Freedom of Information request to the…
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Major Mortgage Hike Hits Over-55s Hard
Nearly half of the over-55 demographic in the UK who currently hold mortgages are preparing themselves for a significant hike in their monthly payments as their fixed-rate mortgage deals come to an end. According to recent research conducted by Key Later Life Finance, a leading equity release adviser, approximately 47% of these homeowners anticipate their…
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LiveMore Cuts Interest Rates for Later Life Lending
LiveMore, a well-known later life lender, has announced a substantial reduction in rates across a variety of their mortgage products, including both traditional and equity release mortgages. These rate cuts, which go as deep as 0.58%, cover an array of products designed specifically for older customers, reflecting LiveMore’s ongoing commitment to supporting this demographic 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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New Lifetime Mortgage Option Expands Borrowing Limits
UK-based Standard Life Home Finance has expanded its range of financial options for homeowners with the launch of its new Horizon 650 plan, part of its Horizon lifetime mortgage series. This new offering allows customers to unlock up to 52% loan-to-value (LTV) from their homes, which is the highest available in the current range. As…