Archive for July, 2009
Equity Release News Roundup - July 2009
A summary of the top equity release news stories we have covered in July 2009.
New Exclusive Lifetime Mortgage Plan from Prudential
We’re pleased to announce that we have secured a brand new exclusive lifetime mortgage plan from Prudential. And this exceptional offer is only available to Age Partnership clients so you won’t find it anywhere else.
SHIP launch equity release discussion paper
The equity release trade body SHIP (Safe Home Income Plans) launched a discussion paper at an industry conference in London on Monday 27th July called ‘Facing the future, redefining equity release’, which examines the changing equity release customer base.
Equity release customers are now more diverse in their circumstance, and are using equity to fund a range of options, including funding care, supplementing a low income, tax, estate planning, or lifestyle enhancements.
Why choose Age Partnership for equity release?
Free, no-obligation equity release quotation
Not everybody is suitable for equity release, which is why we think it important to offer a free, no-obligation quotation, to allow you to make an informed decision on your financial future.
Equity Release Breakfast Forum Announced
Home reversion plan broker Bridgewater Equity Release have announced that its next ‘Equity Release Broker Breakfast Forum’ will take place in Southampton on 8th September. The forum is designed to enable equity release advisers the opportunity to discuss and debate the current equity release market.
SHIP Announce Drawdown Lifetime Mortgages 14% Sales Increase
Equity release regulator Safe Home Income Plans (SHIP) has reported a 14% quarter on quarter increase in the sale of drawdown lifetime mortgage plans.
Drawdown lifetime mortgages have become increasingly popular since the drop in house prices, as instead of selling their house the over 60s are looking to release equity from their home and wait for market to turnaround and house prices to increase. This has led to drawdown lifetime mortgages now accounting for 51% of the market.
This method of equity release is structured to allow more regular withdrawals of equity; this has led to a drop in the sales value of products sold as borrowers can take a more staged approach to cashing in on the equity in the property – taking what they need, when they want.
Equity Release alliance for brokers launched
The Independent Equity Release Adviser Alliance (IERAA) has been launched by a group of equity release brokers to promote specialist advice in the sector.
The IERAA launched on July 8th and aims to promote use of experienced advisers, independent lenders, and encourage select equity release brokers to come on board.
Default 65 pension age to be reviewed by Government
The UK government is to consider removing the default retirement age of 65 which would allow millions of British nationals to work for longer.
Angela Eagle the Minister for pensions has announced that a review into the retirement age will be brought forward by a year to 2011 in response to the “changing demographic and economic circumstances.”
FSA Regulation Sees Sale-and-Rent Back Rogues Facing Fines & Even Jail
Earlier this month the FSA introduced the first stage of its interim regulation governing the Sale-and-Rent Back (SRB) sector. The FSA are warning organisations which have not received permission to operate in this sector that they could face jail and a significant fine.
The new regulation is the first of many stages to be rolled out, which will help to protect homeowners from serious financial loss and prevent them from losing their homes.
The Equity Release UK Market
A growing number of elderly people are turning to equity release in the UK as a way of significantly boosting their income. By choosing an equity release plan in the UK you could enjoy a more comfortable and secure retirement. So if you are a homeowner and you’re over 55 years old, you can turn some of the value of your home into a tax-free cash sum or a regular income for life.
