• Why the OneFamily 2.96% Variable Interest Rate is a Game-Changer for the Future of Equity Release

    By Mark Gregory on

    Launching a unique range of variable & fixed rate equity release schemes, the OneFamily ‘Lite’ & ‘Standard’ plans may herald the start of the greatest innovation the equity release market has seen. Where many have dared, OneFamily boldly go where no equity release has gone before: The Final Frontier – Variable Interest Rates! The significance of a variable equity release interest rate should in no way be underestimated, as it marks the end of a long journey that has seen a lack of innovation in lifetime mortgage product design. Understandably, there are economic & regulatory factors that may have influenced…

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  • Do I Qualify for an Equity Release Mortgage?

    By Mark Gregory on

    There is several strict criteria equity release companies use to assess whether any individual is eligible to take out a lifetime mortgage, or home reversion plan. To qualify for an equity release mortgage the overriding criteria must be that the applicant must own their property, of which it must be their main residence. Let’s look at the rest of the equity release qualifying rules individually: – 1. Location of Home – the property MUST be situation in the UK which includes England, Wales, Scotland and Northern Ireland. Following this, certain lenders can impose localised rulings as…

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  • What Borrowing Options Exist with Old Prudential Equity Release Plans?

    By Mark Rumney on

    The first quarter of 2016 has seen a huge amount of equity release lending. Equity Release Council statistics show that £393 million pounds of equity was released from UK homes. The vast majority of these funds have been released to customers using equity release schemes for the first time. However, some of this money has been released by existing customers of companies who no longer offer equity release; one of whom is the Prudential. Here we look at what options are available to existing

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