Category: Equity release
Alison Pallett, director of sales at LiveMore, said: “We have passed through the significant milestones of first applications, offers and now completions and from this solid base we are rolling out our proposition more widely.”
Property wealth accessed in Q2 was down 34% from Q1 2020, but the slight recovery seen in June is a sign of things to come.
£698m of property wealth was accessed by older homeowners in Q2 2020, down by 34% (almost £400m) from Q1.
COVID-19 has impacted most industries around the country, and the equity release sector is no different.
Key’s second report into care funding has highlighted a major shift in attitudes to using property wealth to fund care – around a third of over-55s plan to use their homes now compared with just 19% a year ago.
The package will be available for advisers who sign up to join ERA’s specialist equity release network by 30 September 2020.
This demographic is expected to borrow less as a result of the coronavirus crisis, being increasingly cautious amid economic uncertainty.
So far this month, five out of nine lifetime mortgage lenders have cut or launched new rates, but since the start of June, 90 deals have been withdrawn.
more2life will compensate customers if it takes longer than 14 working days to issue a loan offer.
The volume of clients releasing equity for holidays only dipped by 0.8% over the last quarter.