Category: Equity release
Fifty-somethings are pessimistic about the housing market – 46% think that it will decline over the next 12 months, while 54% also expect the UK economy to be in a worse state in a year’s time.
Analysis of customer data suggested that 30% of people are using equity release to repay unsecured debt while 20% are using it to repay mortgages.
In total 3.4 million young adults live with their parents, 24% more than 2.7 million in 2008.
Overall, £42bn has skipped a generation over the last five years with £19bn being left directly to younger generations.
Philip Calvert will star as a guest speaker from the Equity Release Council, and will be running a marketing masterclass workshop.
This includes interest rates from 4.72% MER for a one-off lump sum payment and 4.88% MER for flexible drawdown.
The advisory service also grew its customer count by 28% over that period.
Interest select gold’s rate has been cut to 5.24%, interest select platinum’s has been cut to 5.74%, voluntary select gold to 5.44% and voluntary select platinum to 6.04%.
Some 7,227 new drawdown lifetime mortgages were taken out in the second quarter. This total was up 5% from Q1 2019 and 2% from Q2 2018.
In a list from UK Finance of the value of gross lending of its members, Clydesdale’s lending dropped from £5.9bn in 2017 to £5bn in 2018.