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Simplifying the tax rules on gifting in March’s Spring Budget would help boost the housing market and ease the first-time buyer crisis. This is according to equity release adviser Key Later Life Finance. The adviser points to the fact that the number of first-time buyers last year slumped to an estimated 290,000 -
In the UK, the over 55s hold more than £3.5 trillion in housing wealth, driven by years of significant – occasionally double-digit – house price growth. For homeowners, finding ways to access this value has made a significant difference in their financial capability as they reach later-life. However, for products
The latest data on later life mortgage lending from UK Finance reveals there were 29,060 new loans advanced to older borrowers in Q4, down 37.1% year on year. The value of this lending was £4.1bn, which was down 42.4% compared with the same quarter a year previously. There were 6,710 new lifetime mortgages advanced
Financial concerns driven by mortgage affordability and accessibility in the over-55s are rife, with over a quarter (28%) fearing they wouldn’t be able to afford their mortgage if it moved onto their lender’s Standard Variable Rate (SVR). This is according to new research from Perenna which also reveals that an