Tag: Lifetime Mortgage
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Equity Release and Inheritance Tax
Equity release is a major decision, especially if your home is your largest asset. It’s crucial to understand how it affects what you’ll leave behind. Saga has a breakdown to make it simpler, summarised below. What is Inheritance Tax? Inheritance tax is charged on the estate (property, money, and possessions) of someone who has passed…
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LiveMore Slashes Mortgage Rates for Over-50s
LiveMore, a mortgage lender specialising in customers aged 50 to 90+, has announced significant cuts to its mortgage rates across the board. This recent development follows on the heels of rate reductions they implemented back in December. The cuts are substantial, with reductions reaching up to 0.71%. This means a lot for those looking to…
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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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Pure Retirement Boosts Loan Options for More Customers
Pure Retirement, a well-known lifetime mortgage lender, has recently made some significant updates to its loan offerings, especially within its heritage range. The company has reintroduced its higher Loan to Value (LTV) products, namely the Super Max Plus and Supreme options. These are now available to applicants starting from age 55, offering LTVs up to…
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Good News for Over-50s – LiveMore Slashes Lifetime Mortgage Rates
LiveMore has made a major announcement: a significant reduction in later life mortgage rates across all its products, by as much as 0.29%. This decision comes at a time when confidence in the housing market is showing signs of improvement, a sentiment echoed by Tim Wellard, the product manager at LiveMore. What Does This Mean…
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Fixed Rates: The Top Priority for Lifetime Mortgage Customers
A recent study into the preferences of lifetime mortgage customers has revealed an interesting trend – fixed rates are king. In an era where financial stability is more sought after than ever, it turns out that for a significant portion of mortgage customers, locking in a fixed rate is top of the agenda. Key Findings…
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Later-Life Care – Will I Have to Sell My House?
A staggering one in four people may need social care at some point. With residential care home fees in the UK soaring by 11% in 2023, reaching over £46,000 annually (excluding nursing costs), the financial burden can be substantial. Most people find themselves self-funding these costs, which could significantly diminish savings and reduce the size…
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Millions of Parents Eye Equity Release to Aid First-Time Buyers
Approximately 1.8 million parents across the UK are considering a significant step to help their children climb onto the property ladder: equity release. This move, seen as a beacon of hope for many aspiring homeowners, represents a growing trend among parents to financially assist their children in securing their first home. Survey Sheds Light on…
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Over-50s Hit Hard by Cost of Living Crisis
The cost of living crisis in the UK is taking a heavy toll, particularly on those aged 50 to 79. Recent findings have revealed that nearly one in three people within this age group consider themselves vulnerable. This vulnerability stems not only from financial struggles but also from health-related issues, according to Leon Diamond, CEO…
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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…