Category: Equity release
The average gross annual income for retired households is £25,051 and their post-tax income is £17,593 amounting to an annual tax bill of £7,971 – the equivalent of 31% of gross income.
Over the course of 2018, homeowners over-55 years of age accessed 50p of housing wealth for every £1 of savings withdrawn through flexible pension payments, highlighting the increasing role of property wealth as a supplementary source of later life funds.
AIR Group is a collective of companies covering a range of retirement and later life services, all of which are now available to the networks’ later life advisers.
Some seven in 10 over-60s said they feel financially well prepared for retirement but many still lack confidence about the size of their pensions, meeting future care costs and ability to leave an inheritance.
It’s servicing element has been expanded, as it now has six partners who have their loans serviced by customer account servicing department.
The society’s 5-year discounted rate and 3-year fixed rate RIO mortgages are now being offered up to 55% LTV.
Around 30% of consumers miss out on cheaper mortgages that are just as suitable, costing them an estimated £550 a year.
Monthly or ad-hoc payments can be made to either pay off some or all of the interest on the loan or up to 10% of the original loan amount.
The option offers a rate of 3.86%, compared with 4.35% for Capital Select Gold, though customers over the age of 70 must have an LTV below 23%.