Equity release

If you are a cash-strapped homeowner over 55, an equity release scheme could be ideal for you.

Many older people have a lot of home equity – value tied up in their property – but would like more ready money. Using a lifetime mortgage or reversion scheme could give you a release of equity, as a lump sum or in regular payments, to supplement your income.

It is essential that you seek professional financial and legal advice before signing up for equity release, as it will impact on your estate.

To find out more, click here and an independent, fee-free mortgage adviser will contact you to discuss your needs.

 

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Stonehaven launches repayment over-55s lifetime mortgage

Equity release lender Stonehaven has launched an over-55s mortgage to allow borrowers to repay their mortgage in full to safeguard equity and reduce the cost of the overall loan.

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Over 50s with mortgages in repayment crisis

More than two thirds of the 6.3 million over 50s with an interest-only mortgage, who had intended to pay it off with an endowment policy say their underperforming endowment will not foot the bill, according to Saga Personal Finance.

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Equity release lending hits record levels

Equity release lending has hit its highest quarterly level for six years with a figure of £375.5m recorded for Q3 2014, according to data from the Equity Release Council (ERC).

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Half over 40s expect to be paying housing costs in retirement

Half of over-40s believe they will still be repaying their mortgage or paying rent when they retire, according to research.

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Lenders have been ‘overzealous’ on lending into retirement – Kensington

Lenders have been ‘overzealous’ in restricting lending into retirement, Kensington Mortgages chief executive Keith Street has said.

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Clearing interest-only debt most often named reason for equity release

Clearing mortgage debt is the most common reason over 55s have for equity release, lifetime mortgage specialist Stonehaven has found.

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Bank of Scotland most complained about mortgage lender

Bank of Scotland was the most complained about mortgage and equity release lender in the first six months of the year receiving 16,204 complaints, the Financial Conduct Authority (FCA) has reported.

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Warning over advisers' equity release acumen as sales spike

The Equity Release Solicitors’ Alliance (ERSA) has issued an alert to advisers after it became concerned more could be advising consumers on the products "not fully aware of the requirements".

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Family BS links with later life advisers

The Family Building Society, which launched to market in July, has linked up with four partner firms to offer advice to members on Later Life Planning.

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Outdated ideas over equity release are holding homeowners back

Misconceptions about equity release products are holding older homeowners back from enjoying the equity built up their properties for retirement.

Equity release market grows 26% in H1

Equity released by homeowners rose by 26% to £641.8m in H1 2014 compared to the same period last year, analysis from provider Key Retirement Solutions has shown.

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L&G calls for focus on last-time buyers

Nigel Wilson, chief executive of Legal & General, said the group is willing to invest in the last-time buyer segment to give older home owners more choice over how they can use their housing capital.

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LV updates equity release lending policy

Equity release provider LV has updated its lending policy to give more options to retired homeowners.

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Lenders' fear of lending into retirement must be faced

Borrowers who need mortgages beyond retirement age will be the subject of upcoming talks between the Council of Mortgage Lenders and the Equity Release Council (ERC).

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LV= sees 50% rise in equity release sales

LV= has seen a 50% year-on-year increase in its equity release sales to £3m in the three months to March, its quarter one trading statement has shown.

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