Unable to repay your interest only mortgage?
The Financial Conduct Authority (FCA) recently estimated that there are around 2.6 million people with interest-only mortgages in the UK. These figures excluded buy-to-let mortgages. A lifetime mortgage may be the answer for some? To help with this mortgage companies are coming up with some creative solutions. For many, equity release is still the best and most flexible solution. So [...]
As an Equity Release Adviser, the top 3 questions asked.
By John Cossons, Equity Release Adviser. As an Equity Release Adviser, when I first talk to clients about equity release they generally have three main concerns. I don't want to lose ownership of my house. Taking out a Lifetime Mortgage does not affect the ownership of your home. The property remains yours and the mortgage, plus any accrued interest, only [...]
Housing equity withdrawal could be the answer?
Recent figures from the Equity Release Council show that a total of £3.92 billion of housing equity was withdrawn by older homeowners in 2019. What is the most popular plan? The most popular product amongst older homeowners continues to be a drawdown mortgage. 64% of new customers opted for a drawdown product against taking a lump sum product. Furthermore, while [...]
Equity Release Council claims demand is strong
Recent figures produced by the Equity Release Council shows that consumers are taking advantage of record-low rates. First of all, consumer demand continued to grow as older homeowners recognised the crucial role that property wealth can play in supporting their retirement alongside pensions, savings and other assets. 2019 saw the total number of customers served reach a record high of [...]
Divorce: How we can help you.
First of all, going through a divorce is never easy. However, taking sound independent financial advice early on can make a real difference. For example, a split where one party gets the home and the other get the cash and investments may seem fair at first. However, the fall out may be that one party is tied to a property [...]
Lifetime Mortgage. Should you re-mortgage?
By John Cossons, Equity Release Adviser I have recently completed an Equity Release re-mortgage for a client who took out a plan 12 years ago. This was at a time when Lifetime Mortgage interest rates were much higher. By re-mortgaging the outstanding balance, which included the initial loan, the rolled-up interest, along with the early repayment charge. This was moved [...]