The Financial Conduct Authority (FCA) who regulates the mortgage market in the United Kingdom have launched proposals to create a market for interest-only mortgages for the retired. Also referred to retirement mortgages. They have approached the mortgage industry to look at solutions for interest-only mortgages that last until you die. What are the FCA’s [...]
It is a fact that most of the personal financial wealth in the United Kingdom is tied up in their property. Many retired people are “cash poor but property rich”. Equity release can be used in later life to supplement pension income or used to finance major items of expenditure. Such as home improvements or [...]
Recent industry figure have shown that £1.25 billion has been borrowed in the first half of this year through equity release schemes. This amount is 34% higher than the same time last year. Equity release is for the over fifty five’s. The figures reveal that the average pensioner released over £70,500, using the money for [...]
Homeowners who have relied on interest-only mortgages are increasingly being forced to sell up before their repayment term is reached. The number of people having to sell their home and downsize is increasing. Estate agents are reporting that forty-three per cent of customers are forced to sell their home to pay off interest-only mortgages. Mortgage debt issues [...]
The popularity of equity release continues to grow. Figures from the Equity Release Council, of which Anstee & Co are members, estimate that there is a total of £7 million being released on a daily basis. In comparison to the same time last year, this represents a 53 per cent growth. The figures show a [...]
The Bank of Mum and Dad keep growing to become a £6.5bn UK Mortgage Lender on a par with the 9th largest UK lender. It continues to grow in importance in helping young people take their early steps onto the housing ladder. It will be involved in more than a quarter of all property transactions [...]
The sum paid out by equity release plans topped £2 billion for the first time last year, the Equity Release Council said. Equity release allows you to release a tax-free lump sum from the equity locked in your home. You can do this without having to move. The £2.15 billion lent was a third higher than [...]
Average residential property has increased by 148% in value, compared to a 66% increase in pensioners’ incomes. House prices are now almost ten times the size of the average pensioner’s yearly income. Housing wealth also grows faster than other sources of pensioner income over a 20 year period House prices in England have grown [...]
