Category: Equity release
In April, LV= launched desktop valuations to help customers access lending through equity release during the coronavirus outbreak.
COVID-related terms, such as temporary LTV restrictions and furloughed workers, feature prominently in broker searches.
Analysis shows that if the situation does not improve, the overall bedroom surplus – where there is more than one bedroom per person – is projected to exceed 20 million in 2040.
This latest drop comes amid increasing rate competition among providers.
The product allows borrowers to repay up to 40% of their loan each year without Early Repayment Charges (ERC).
Switcher, tracker and later life mortgages all see rate reductions.
The partnership will provide brokers with criteria sourcing of Hodge’s residential, retirement, equity release and buy-to-let mortgages.
According to the most recent data from the Office for National Statistics (ONS), the number of workers aged above 65 years is at a record high of 1.42 million.
The broker has introduced calculators for drawdown lifetime mortgages, retirement interest-only (RIO) mortgages and income lifetime mortgages – taking the number of calculators it has available to nine.
Key’s Market Monitor report also found that the amount being released fell by 3.8%, from £839.6m to £805.2m.