• Stamp duty increases borrowing in retirees

    By Carrie Ann on

    A combination of high stamp duty charges and a shortage of suitable, smaller homes is forcing more and more older people to borrow money rather than downsize, according to the latest data. Stamp duty tax, which is payable when buying a new property, is perceived as too high a price to pay for moving by many pensioners, who are seeking other ways to remain in their often large and unsuitable homes. The issue has led to the number of mortgages taken out by those over 60 soaring in recent years. According to the Equity Release Council, the number of people in…

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  • Buying a second property with equity release

    By Carrie Ann on

    Everyone is aware of what a residential mortgage is, how it works and what its function is. Primarily, a residential mortgage provides valuable funds that bridges the shortfall between the property purchase price & the deposit saved by the intended mortgagor. These mortgage funds are then sent at the end of the legal process to assist with the house purchase. I always state to my clients that equity release is only a form of mortgage itself, and actually when it comes to purchasing a property, equity release works in exactly the same way as a residential mortgage…It provides a capital…

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  • How to pay off all of your debt

    By Carrie Ann on

    Debt is a hot topic. Scarcely a day passes without at least one major UK news provider writing about rising debt levels and how the British public is now more reliant on credit than ever before. Many of these articles make the point that credit, and its associated debt, is a precarious ship in which to sail. As long as interest rates remain low and prices stable, many people have little to be concerned about, since their debt is manageable and they do not fear falling behind with repayments. However, if interest rates rise or, as now, price rises start…

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