Unlocking property wealth

An increasing number of people aged over 65 are using equity release products to pay off debts and mortgages. Many people in the UK might be ‘property rich’ but want or need more than they have saved to enjoy the lifestyle they want. And with more people living longer, there are, on average, more years to fund. Read More

Generation game

New figures reveal 'The Bank of Mum and Dad' is now one of the UK’s biggest mortgage lenders - a symptom of Britain’s broken housing market. Thousands of over-55s are generously gifting money, using savings and even pensions to help their family onto the housing ladder, research has revealed. However, the new data also shows that many people could be accepting a more uncertain retirement as a result of their generosity. Read More

‘No, thanks’ to downsizing

Typically, people look to downsize or move to retirement housing following a negative event, such as health issues or the death of a spouse. However over two thirds of people say they plan to stay in their own home during their retirement, according to new research. The findings suggest nearly 14 million people plan to remain in their current home when they retire. Read More

Green light for new type of home loan

In an effort to broaden product choice in the later life lending sector, the Financial Conduct Authority now treats Retirement Interest Only (RIO) mortgages as standard mortgages, instead of being regulated under Equity Release rules. This factor, among others, has resulted in several lenders adding RIO mortgages to their offering. Read More

Bank of Mum and Dad

The Building Societies Association (BSA) have recently published a raft of recommendations as to how the mortgage industry can help first-time buyers. They want more innovative products to be created to enable parents and grandparents to loan or gift money to family members who are would-be home owners. The BSA also wants building societies to provide clearer communication to help explain all the options, and it wants regulatory and tax barriers to be broken down. Read More

Millennials get real with the numbers

Over a third (35%) of millennials say they prioritise saving for a deposit on a home instead of their retirement. Nearly a fifth (19%) say buying a house is the main reason they don’t save more into their pension, while 10% say student debt stops them saving into a pension. One in 11 (9%) admits that frequently changing jobs affects their ability to make regular pension contributions. Read More

Stamp duty rule changes

The shake-up of the stamp duty rules on 1 April 2016 affects anyone owning more than one residential property, Even a buyer funding the purchase of a new home with the sale of an existing home is liable if their buyer pulls out but they still want to go ahead (perhaps by using a bridging loan). They will be liable for the stamp duty surcharge because they will technically own two residential properties at completion. Read More

Success guaranteed for some first-time buyers

In decades gone by higher salary multiples, 100% mortgages and other less stringent lending practices helped first-time buyers - but at the same time also fuelled ever-higher prices. The problems at Northern Rock highlighted that things had gone too far, and revealed just how exposed some lenders were to inadequate security on many home loans. Read More

Mortgages and the Self-Employed

If you are self-employed, you must make sure your finances are in order before making a mortgage application. Your personal/business accounts & bank statements may need to be provided and you may also need to enlist the services of an accountant, to verify your individual or company earnings, so preparation is key to avoid disappointment. Read More

Equity release Dos and Don’ts

With much improved flexibility and better safeguards it is hardly surprising that more and more people are considering this route as a method of supplementing their retirement income. Read More

No guarantee can be given that the information provided is accurate in the present or the future. It is not intended to constitute either a statement of applicable law or financial advice, and responsibility cannot be accepted for any subsequent loss following activity or inactivity by any individual or organisation. Indeed, such information should NOT be acted upon without first receiving appropriate and specific professional advice.