Please see below three reasons why
you should not close your minds to
‘I like my home and want to remain in it’: Banks close
door on pensioner mortgages
More than 1.6 million retired people still have a mortgage. But their biggest problem often
isn’t meeting the monthly repayment — it’s finding a bank or building society that will lend
Most lenders impose a strict age limit for mortgages of your retirement date or, at most,
75. This can trap pensioners with their existing lender, preventing them from searching
out the cheapest deals available to younger borrowers.
Source: Tony Hazell – Mail Online, 22 May 2013
One in seven to retire without a pension
One in seven workers planning to retire this year will be solely reliant on the state for their
income. These pensioners will have to survive on just £170 a week – compared with an
average weekly income of £322 should they have saved into a private pension.
When questioned, workers overestimated the amount of annual income the state pension
would provide them by more than £600 a year. The lack of retirement saving is so bad
that one in five workers retiring this year will below the poverty line – meaning they will
have an annual income of less than £8,254.
Source: Emma Wall – The Telegraph, 22 May 2013
Equity release confidence rises 23% in a year – ERSA
A poll from the Equity Release Solicitors’ Alliance (ERSA) found the percentage of those
considering equity release has increased from 54% to 77% over the past year.
Equally, the percentage of consumers with a negative view of equity release has fallen
from 42% to 23% over the same period.
Source: Fiona Murphy – IFA Online, 15 May 2013
Equity Release includes home reversion plans and lifetime mortgages. To
understand the features and risks, ask for a personalised illustration.
For equity release we can be paid by commission, or a fee of usually £895 or a
combination of both.
Your home may be repossessed if you do not keep up repayments on your
For mortgages, we do not usually charge for administering your mortgage
application as we receive a commission from the lender. Alternatively, you can
opt to pay 0.40% of the value of the loan and receive a refund of commission
from the lender on completion.
IF YOU THINK I CAN HELP RING ME ON 01704 512120 OR 07714 414545
Steve Harrison CeMAP, CeRER
Equity Release Consultant