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More than 300,000 equity release customers could save an average £33k

Thousands of homeowners with snowballing equity release debts could be paying an average of £30,000 over the odds because they are unaware they can switch to a cheaper rate. More than 300,000 homeowners owe money to an equity release provider after borrowing cash locked up in the value of their home. Yet while interest rates on offer now are at record lows of around 3 per cent, and the number of deals to choose from is at an all-time high, thousands of homeowners are still stuck on old rates of 6 per cent or more. Overpaying: Thousands of homeowners with snowballing equity release debts could be paying an average of £30,000 over the odds because they are unaware they can switch

West midlandsUnited kingdom generalUnited kingdomWest bromwichLynda blackwellAnn astburySteve wilkieRos altmanBroker age partnershipEquity release councilRegulator the financial conduct authorityFinancial conduct authorityResponsible lifeAge partnershipBaroness ros altmanMo ney

Britons have saved £150bn in lockdown so where will it be spent?

But how will we spend that pent-up cash? Spending habits have changed a lot during the pandemic. More shoppers have moved online, restaurant fanatics are now cooking indoors, holidays and getaways are confined to the UK, and homeowners spending less time in the office are sprucing up their properties. So which lockdown trends are here to stay and which industries are set to win big? Lockdown luxuries With restaurants shut for much of the past year, consumers have been attempting fine dining at home helping to drive a boom in premium food shopping. Consumers are also spending more in their local stores.

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Equity release: should you take money out of your home?

© Getty Images/iStockphoto More than 40,000 people took out equity-release plans last year, cashing in on almost £4bn of value locked up in their homes. The figures, just published by the Equity Release Council, underline the ongoing popularity of equity-release plans with older people looking to supplement their income in retirement, or to find a cash sum for purposes such as paying off debt or a home refurbishment. Financial advisers have traditionally been sceptical about equity release, pointing out that the plans are often expensive, and that they reduce the size of any inheritance left over for children. But while selling up and downsizing is still likely to be a more economic route to unlocking value from your home, assuming it is practical, fierce competition in the equity-release market is paying off for potential customers.

Equity release councilபங்கு வெளியீடு சபை

More than 300,000 equity release customers could save an average £33k

More than 300,000 equity release customers could save an average £33k
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West midlandsUnited kingdom generalUnited kingdomWest bromwichLynda blackwellAnn astburySteve wilkieRos altmanBroker age partnershipEquity release councilRegulator the financial conduct authorityFinancial conduct authorityResponsible lifeAge partnershipBaroness ros altmanமேற்கு மிட்லாண்ட்ஸ்

Equity release market tops 500 products for first time

Source: Moneyfacts.co.uk Moneyfacts.co.uk finance expert Rachel Springall says: “It’s great to see lenders working hard to cater to borrower demand as we reveal the number of equity release options have reached levels never seen before. There are now over 500 deals available and since the start of this month, lenders have continued to launch and reprice their ranges. The average rate is now 4.07%, so it has increased slightly from the record low seen in March 2021 of 3.86%, but predominantly we are seeing lenders reduce rates this month. “Those borrowers considering releasing wealth out of their home will be pleased to see that the maximum LTV has remained stable over the years, currently at an average of 49%, with the most notable change in the market being the rise in choice and more attractive interest rates on offer. Over the past two years, the average equity release rate has dropped by 1.02% and there are 323 more options on the market to assess, and overall the market

Rachel springallEquity release councilCanada lifeGeneral home financePure retirementபங்கு வெளியீடு சபைகனடா வாழ்க்கைஜநரல் வீடு நிதிதூய்மையானது ஓய்வு