Category: Equity release
The FCA has voiced concerns that advice given to take out equity release products could not always be shown to be in the best interests of all consumers given their personal circumstances.
more2life’s research found that the majority (73%) of firms have started to use video conferencing apps more during the government lockdown, whilst 61% are relying more heavily on phone conference lines.
Nearly two-thirds of the funds released by customers taking the minimum amount of borrowing (£10,000) was spent on holidays/leisure (33%) and home improvements (30%).
While 29% are confident in their vulnerability checks, 34% of mortgage intermediaries have reviewed or increased them, according to Key Partnerships.
Hodge had returned back to 70% lending across its later life range.
After listening to feedback from brokers and members, Chorley Building Society have now developed mortgages for borrowers who either start the term of the mortgage before they turn 70 or apply after their 70th birthday.
With face-to-face meetings remaining a distant prospect for many, stringent work must be done to spot vulnerability, according to Stuart Wilson, corporate marketing director at more2life.
Usually, lifestyle improvements make up the bulk of enquires, but SunLife has seen an increase in enquires from homeowners looking to offer support to loved ones struggling during lockdown.
Overall broker satisfaction with the lenders they do business with was up from 81.1% in H2 2019 (December).
Paradigm has more than 1544 firms as members of its mortgage club.