Category: Equity release
Burrowes, chairman of the council, highlighted the FCA’s April 2017warning that any customer can be become vulnerable at any time in their life, for example through serious illness, bereavement or loss of income.
At a time when the average retirement lasts 18 to 20 years and with an expected income of £24,000 needed a year, if retirees have no other savings, the average pension will last less than two years, even when taking into account state pension payments.
Prices in Aberdeen fell further than any other UK town or city outside London.
When asked how they thought the demographics of equity release customers will change from 2018 to 2019, 42% of advisers said they expect an increase in the average age of people who take out equity release, which was 71 in 2018. In contrast, less than a third (30%) thought that the average age will fall.
Founded as a second charge specialist the company then became a large distributor and expanded into first charge mortgages through its Fluent Mortgages division in 2017.
The API-ready platform has been developed to allow all later life lending providers to plug into, and more 2 life has become the first lender to be integrated into the system.
Key found 1.31 million requests for care and support from over-65s each year but only 175,256 having their care fully funded by councils.
Some one in eight (13%) UK advisers aren’t equity release-qualified, although 38% of these intend to become qualified in the next 12 months.
In the residential sector for the first time two of the top five most popular searches feature adverse credit conditions, with self-employed, one years’ accounts being the top search followed by maximum age at end of term.
Many financial services firms expect the FCA to entrench dealing with vulnerable customers as a conduct obligation with redress where firms fail to meet the regulator’s standards. The research will be unveiled and discussed at this year’s Just Group Retirement Leaders Annual Summit.