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Equity release borrowers from 15 years ago are paying TWICE as much interest as today
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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
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Only one in three homeowners aged over 55 feels confident they understand what equity release is and how it works, research from Boon Brokers has found.
Despite equity release being aimed solely at homeowners aged over 55, 67% of those surveyed admit they aren’t clear what it actually is.
The survey, which questioned almost 1,000 homeowners in the relevant age bracket, revealed that men are more likely to feel they understand equity release than women, at 39% opposed to 28%.
Those in South West England were most likely to feel clued up on the subject (47%), as opposed to only 25% of those in the North of England.
An estimated 83% of homeowners do not understand the details of their own mortgage, according to research from Boon Brokers.
The data shows that this is due to individuals not understanding the fees and interest rates associated with their mortgage.
In addition, 12% of homeowners admitted they generally found mortgages very confusing.
Younger homeowners aged 18-24 were most likely to misunderstand their mortgage terms, at 13%, whereas 3% of mortgage holders over 65 felt the same.
People aged 45 to 54 were most likely to feel confident of the details of their own mortgage.
The research from Boon Brokers also revealed that 22% think lessons on mortgages should be given at school, with 25% of women thinking it would be a good idea and 18% of men.
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