The pandemic lockdown restricts the amount of equity released from properties in 2020 even though interest rates fall to record lows.
Pent-up demand for equity release and falling interest rates has seen a recovery in plans taken out after slowdown during the first lockdown.
Interest rates for equity release products drop to record lows as uncertainty continues over the Coronavirus economic impact.
Older homeowners are expecting an £18,000 shortfall for their retirement income with equity release offering untapped potential.
Homeowners have access to double the number of retirement interest only mortgages as more providers offer products.
Saving for getting on the property ladder is difficult as it takes up to 15 years in London to build up a 20% deposit without family help.
The average house price has increased 207% in the UK since the start of the century outstripped by first time buyer homes rising 264%.
A third of Britons do not save any money and the majority of property wealth is owned by older people near or at retirement.
A third more homeowners in the first half of 2019 used a lifetime mortgage to release equity from their home than two years ago.
Royal London has warned that the majority of homeowners cannot afford a retirement interest only mortgage due to affordability.
With the upcoming school holidays two in five grandparents will provide childcare with many paying for treats and activities.
Property wealth passed £4 trillion in 2018 and half of homeowners see money invested in property as part of their retirement planning.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.
Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.
CONTACT
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Phone:
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Email:
info@londoncitymortgages.co.uk
London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.