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Older homeowners are releasing an average of more than £100,000 from their properties, in what is being termed a middle-class stampede towards equity release. Two separate studies found that homeowners were able to access triple-figure cash pots when taking out equity release deals- also known as lifetime mortgages. This is when older homeowners take out a new mortgage on their home, allowing them to access some of the money tied up in it to spend in their later years. Older homeowners are getting an average of more than £100,000 when they take out equity release mortgages - but there are plenty of risks involved ....
Homeowners release £1bn of equity in 'middle-class stampede' dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
Redemptions are likely to slow following the conclusion of the Stamp Duty Land Tax (SDLT) holiday, according to Claire Singleton, chief executive of Legal & General Home Finance. ....
Legal & General bring out RIO through mortgage club only By Gary Adams 19 th April 2021 12:06 pm Legal & General Home Finance has issued a new retirement interest-only product available exclusively through the Legal & General Mortgage Club. Available at up to 60% LTV, the rate is set at 3.39% and charges zero fee. Overpayments of up to 10% each year can be made. This compares to the lender’s current RIO product, with a rate of 3.55% and a £599 fee applicable. Legal & General Home Finance chief executive Claire Singleton says: “Property wealth is increasingly being viewed as a key component of a modern retirement. “We are constantly innovating to ensure we offer one of the broadest ranges of later life lending options, with market leading features and flexibility, allowing customers to enjoy a colourful retirement. ....