Archive for the ‘Equity Release Trade Industry Updates’ Category

Apr 24

Unique Interest Only Plan launched in Scotland

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…)

Aug 16

Halifax withdraw their Retirement Home Plan

Halifax have announced the withdrawal of their Equity Release Retirement Lifetime Mortgage Plan from the 17 August 2011.  The Product was a lifetime, interest only mortgage, and offered different rates of interest on residential properties and retirement homes. The repayment of the loan was on sale of the property, at death, or moving into permanent long term care of the surviving partner.

A spokeswoman for the Halifax stated that the product was a niche scheme and only represented a very small proportion of their business. (more…)

Jul 18

Increased Choice for Equity Release Customers Highlights Need for Specialist Advice

A new ‘enhanced lifetime mortgage’ recently introduced onto the equity release market makes it possible for homeowners with health issues to release more cash.

The product has been designed for over 60s suffering from ill health whose life expectancy is likely to be reduced as a result. A “significantly” larger lump sum can often be released compared to the amount offered by a lender who doesn’t take health into consideration. (more…)

Jun 03

Relying on a Top-up or Drawdown Facility on your Equity Release Plan? Check the small print.

A recent survey by Saga has highlighted the increasing financial burdens faced by the over-50s which are forcing them to make serious spending cutbacks. More than 60% said the quality of their lifestyle has ‘crashed’ during the past 12 months. They are not living ‘on the breadline’ says the report, but having to watch their non-essential spending by cutting back on things like holidays and using the car, as well as reducing leisure related treats.

15%, however, are reducing ‘essential’ spending, like heating their home; a worrying thought for those with older relatives?

(more…)

May 27

Equity Release Broker of the Year Nomination for Bower Area Manager

Gordon Cunningham, Area Manager at Bower Retirement Services

Gordon Cunningham, Area Manager at Bower Retirement Services, has been short listed for a British Mortgage Award. The awards, sponsored by a selection of finance industry names including Abbey, Halifax, Legal & General and Woolwich, recognise individual achievement amongst brokers and lenders within the mortgage industry. (more…)

May 16

More Choice for Home Owners Considering Equity Release

Thanks to new equity release plans being introduced, and a relaxing of some criteria by providers, there are increased choices available for over 55s thinking about releasing cash from their homes. (more…)