• How Flexible are Lifetime Mortgages for Residential Interest-Only Customers Looking to Escape & Maintain Status Quo?

    By Simon Maher on

    There has been much publication around the subject of interest-only mortgages in the residential property market and later life lending. One option for people stuck with interest-only mortgages and looking for a solution to repay and maintain status quo, is a lifetime mortgage. Here I wish to explain how the many flexible features of lifetime mortgages can help people in such situations. Over the last few years lifetime mortgage lenders have become more creative and launched more products to satisfy the ever-increasing growing demands of Lifetime Mortgage customers. As an equity release specialist, I have been advising on this product…

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  • Legal & General Optional Payment Lifetime Mortgage – A Toe in the Water Before a Dive into the Retirement Interest Only Market?

    By Mark Gregory on

    The recent launch of Legal and General Home Finance’s Interest-Only Lifetime Mortgage has generated a lot of media commentary. The Optional Payment Lifetime Mortgage plan aims to address some of the issues surrounding the plight of over 1.6 million interest-only mortgage prisoners. But is the product worthy of all the fuss? Here we discuss the merits of the Optional Payment Plan and its timely launch – at the dawn of the Retirement Interest-Only Mortgage era. The term ‘Interest-only’ has been synonymous with the economic crash over a decade ago, when poor lending eventually led to a tougher stance by the Financial…

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  • What are retirement interest-only mortgages?

    By Carrie Ann on

    There are currently very few options for older people wanting to continue their mortgages into retirement. While many lenders have relaxed their upper age limits for residential mortgages – for example Halifax’s is now 80 and Nationwide’s 85 – there are catches. You must be able to prove that you can afford to make monthly mortgage repayments in retirement, and so pass the lender’s ‘affordability’ checks. Unless you are lucky enough to have a final salary pension scheme (e.g. if you are a teacher or are employed by your local Council) then it is very unlikely that you will be…

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  • Why the Nationwide Equity Release Tie Actually Boosts Uptake of Independent Advice

    By Mark Rumney on

    The announcement by Nationwide Building Society to enter the lifetime mortgage market is a great boost to the world of equity release. They are, after all, the biggest building society in the UK, and their decision to start offering products to their customers, via a third-party advice arm, is another example of equity release becoming a mainstream financial services product. Nationwide’s Equity Release Proposal The move by Nationwide follows similar decisions by other high street lenders like Santander and Co-op, who are also both using a 3rd party firms to advise their customers. The equity release industry is thrilled…

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  • Why Retirement Advantage’s New Buy-to-Let Equity Release Helps Tip the Balance Back in Landlords Favour

    By Mark Gregory on

    The launch of new buy-to-let equity release schemes from Retirement Advantage shows how this emerging financial services sector is positively looking to help innovate in the 55+ marketplace. This article focuses on how these re-introduced BTL lifetime mortgage plans can give a welcome boost to landlords who’ve recently been affected by changes in rental taxation and stamp duty. The concept of taking equity release on rental properties isn’t new to the lifetime mortgage industry. Post economic downturn, now over a decade ago, NewLife Mortgages bravely launched a Landlord equity release scheme that tried to help breathe life back into an…

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  • Is the Halifax Equity Release Plan Still Available for Pensioners?

    By Mark Gregory on

    Borrowing into, or actually in-retirement is a contentious issue in 2016. We’ve had the credit crunch more than 7 years ago now, which saw as result the FCA demand a tightening on lending criteria. This had a consequential effect on post retirement mortgage market. It was understandable that the causes of the crash were remedied, however the knock on effect to other sectors of the mortgage market, may not be so. Here, we discuss the effect on lenders of the FCA imposed Mortgage Market Review (MMR). We explain how specialist retirement mortgage products such as…

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