So who are the “Sandwich Generation”? The "Sandwich Generation" are the group of people who are feeling the financial strain of supporting their children, grandchildren and ageing parents. With young adults struggling to achieve financial independence and a population that is living longer the burdens and responsibilities of the over 55s are increasing. Recent [...]
The demand for places for long term care is increasing due to us all living longer. However, funding to cover the care home, which is mainly paid for by Local Authorities is under pressure. Many Local Authorities resources are limited. This is leading to them demanding places at below their cost price. Care homes are [...]
By John Cossons, Equity Release Adviser Home care is an attractive alternative to residential care and is often preferred by those who have a lower level of care needs and wish to remain in their own home. Home care is available at varying levels for differing care needs. Yet like any form of care, there [...]
John Cossons, Mortgage and Protection Designer at Anstee & Co. has recently attained The London Institute of Banking & Finance Accredited later life lending professional status. What was involved? John's studying involved eight two-hour online sessions including the overall industry, the market for later life lending, the later life lending products, the process and how [...]
For homeowners with an interest only mortgage, these can be worrying times. Many will not have a repayment plan and could be looking at an uncertain financial future. The worst affected are people coming up to retirement. They are likely to have taken out an endowment plan which was designed to repay the capital amount [...]
Releasing money from your home has become more popular with retired people wanting to live life to the full while they are still fit and well. Figures from the Equity Release Council show that £1.17bn of property wealth was accessed by new and returning customers, in quarter 2 of 2021. So, by releasing money from [...]
More and more people over the age of fifty-five, are using their home as a cash machine as interest rates continue to fall on Equity Release plans. The rates have tumbled from around 8% four years ago, to fixed rates below 3% today. How can you turn your home into a cash machine? According [...]
Many people may struggle to repay their interest-only mortgage when it comes to the end of its term. A large number of interest-only mortgages were sold in the 1990s and early 2000s. They were often linked to endowment savings plans. These plans were designed to generate a tax-free lump sum to repay the mortgage. Some [...]
Recent figures from data analyst Moneyfacts, show that equity release rates are falling. For the first time in more than a decade, equity release rates have dropped to an average below 5%. Most lenders now charge an interest rate of 4.99% for releasing funds from your home. This is down from 5.1% from just a [...]
It is true that most people’s financial wealth in the UK is tied up in their property. Many retired people consider themselves to be “cash poor but property rich”. To help you release this money, equity release can be used in later life to supplement pension income or used to finance major items of expenditure. [...]
