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
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
Equity release advice may be causing ‘significant harm’: Regulator warns some customers are rushed through without the proper checks 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 to ensure customers … 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
Equity release rates have plummeted to their lowest ever levels as demand for later life finance grows, research has revealed. But homeowners who are recommended a lifetime mortgage, where interest rolls up into the loan, could actually save tens of thousands of pounds by refusing equity release and taking a retirement interest-only mortgage. Last year … Read more