Page 3 - Stuart Powell News Today

House prices have risen sharply over the past two years, and as the cost of living crisis bites older homeowners are looking at how to make the most of their propertys equity.

Mortgage brokers call the reduced rate a ‘turning point’ for new borrowers

Borrowers face sky-high increases in loan costs as equity release lenders drive up rates

Some providers' clauses could mean borrowers are hit by higher penalties

Debt is being used to cover higher costs – but the interest is crippling

Canada Life has found that in the first half of 2022 19.6% of equity release plans taken out were for day-to- day living costs, up from 18.2 per cent in 2019 before the pandemic.

Aviva refused to waive the exit charge despite the family's ordeal

Dead reckoning

More people are opting to repay their mortgage for more than the standard 25 years as it makes the monthly bill lower - but it increases interest overall.

Mortgage terms are getting longer. While it has long been the standard for homeowners to choose a 25-year term, it is now common practice to repay a home loan