Thousands of homeowners with snowballing equity release debts could be paying an average of £30,000 over the odds because they are unaware they can switch to a cheaper rate. More than 300,000 homeowners owe money to an equity release provider after borrowing cash locked up in the value of their home. Yet while interest rates … Read more
Thousands of homeowners with snowballing equity release debts could be paying an average of £30,000 over the odds because they are unaware they can switch to a cheaper rate. More than 300,000 homeowners owe money to an equity release provider after borrowing cash locked up in the value of their home. Yet while interest rates … Read more
The average rate of a lifetime mortgage has reached a record low, whilst the number of available options is at an all-time high. The typical rate across lifetime mortgages has dropped below 4 per cent for the first time according to Moneyfacts, with the average rate now at 3.95 per cent – down from 4.49 … Read more
Over-55s become more cautious about cashing in on their homes with equity release drawdown dropping more than a fifth last year By Helen Crane For Thisismoney.Co.Uk Published: 07:46 GMT, 29 January 2021 | Updated: 08:29 GMT, 29 January 2021 Older homeowners were more cautious about taking cash out from their properties in 2020, as drawdowns … Read more
Retired homeowners who need to borrow to pay off an outstanding mortgage can now apply for a new unsecured loan designed specifically for this purpose. Previously homeowners needing to borrow large sums after they retired would have had to rely on either equity release or a retirement interest-only mortgage. Both of these routes involve taking a … Read more
Homeowners with equity release warned they may have been given poor advice: Regulator finds evidence that not all firms give good advice The results of an FCA review of equity release advice firms found ‘significant areas of concern’ in the way some were selling equity release Many advisers were told they are not doing enough … Read more
Rising numbers of older homeowners are resorting to equity release to help out loved ones during the coronavirus crisis. Despite the lockdown, equity release providers have handed out loans worth millions of pounds. Recent figures show that the proportion of borrowers using the wealth in their home to help out relatives had risen 20 per cent, from … Read more