Category: Equity release
Equity release is becoming an increasingly popular option, with 8% of over-60s saying they would release equity from their home to cover care costs.
The main reasons given by customers for taking out a lifetime mortgage were supplementing income (36%), followed by offering financial support to children and grandchildren (30%).
In Q2 2021, the typical portfolio was worth around £1.25m, generating an annual gross rental income of £54,000.
The previous version of the Pure Retirement mobile app was released in 2019; this latest version represents a full ground-up rebuild.
Searches for ‘maximum LTV’ are either the most, or second most-searched across the second charge, equity release, self-build, bridging and commercial mortgage markets.
The majority of advisers are also confident about the prospects of their own company, with 91% stating that they are either fairly or very confident on this point.
Key Group has appointed Jonathan Valentine as corporate business development manager to develop new corporate relationships as well building on existing ones.
The arrangement helps existing Santander mortgage customers, many of whom would like help to repay the outstanding capital on their interest only mortgages without selling their homes.
Over a third (36%) said they would prioritise home or garden improvements, followed by topping up day-to-day living (32%) and nearly a quarter (24%) said they would pay for a holiday of a lifetime.
In total over-55 homeowners unlocked £1.17bn of property wealth during Q2 2021.