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Apr 30
We are now in the third year since the Bank of England cut the base interest rate to a record low 0.5%. With the “emergency” rate stubbornly remaining at this level for longer than initially anticipated, pensioners who have been depending on the income from their savings have been feeling the squeeze. (more…)
Apr 24
Stonehaven, one the leading Equity Release providers, have announced that their Interest Only Lifetime Mortgage Plans are now available to homeowners in Scotland. The Plans have become very popular in England and Wales since their introduction into the equity release market last year. (more…)
Apr 17
Bower Retirement Services, the specialist adviser on equity release schemes, has warned that falling rates for annuities is increasing the financial cost to thousands of pensioners. Rates have plummeted so far that pensioners are even choosing to opt out of an annuity and are considering alternative options, such as an unsecured pension and income drawdown. (more…)
Apr 02
The Budget has received a lot of adverse press comment because of the decision to freeze age related personal allowances. The measure was coupled with a substantial increase in the personal allowances for everyone else with the Chancellor arguing that the changes will make the tax system fairer and less complex. (more…)
Mar 27
Safe Home Income Plans (“SHIP”) has announced that the organisation’s new Chairman will be Nigel Waterson.
The selection of the former shadow Pensions Minister suggests that SHIP will be making a great effort to secure the seal of approval within Government for equity release. SHIP has also decided to widen its membership to include financial advisers and other equity release industry participants. (more…)
Mar 20
The head of the new Financial Conduct Authority, Martin Wheatley, has stated that equity release has a role to play in the funding for domestic care.
At a recent conference hosted by Age UK, he expressed the view that equity release represents “one part of the solution” to the problem which was highlighted by the Dilnot Commission report on the funding for the long term care of an ageing population. He added that “there is clearly a huge amount of capital built up in homes and we do not all need to leave large legacies to children who have already grown up and have a home themselves. We may have moved beyond the age of leaving a home intact and debt free to the next generation. The challenge now is how people can utilise the value that has been built up to pay for what is becoming an increasing problem of caring for an ever-longer old age.” (more…)