How the other half live – millionaire equity release

millionaire equity release

A new equity release scheme has just been unveiled where wealthy homeowners can raise cash sums of up to £2 million on their homes. The ‘Prestige Options’ plan is being offered by a company called Retirement Advantage and is aimed at those lucky enough to own a home worth up to £6 million.

Equity release now topping £10 million a day

equity release tops £10 million a day

The boom in equity release is now topping £10 million a day across the UK. Figures from the Equity Release Council show that the amount of housing wealth being withdrawn has more than doubled in just two years.  In 2016 the daily figure was just £4.2 million a day.

Equity release lenders have record year

Equity release lenders in the UK have had a record year, providing more than £3 billion in home loans during 2017. According to the Equity Release Council, the £3.06 billion released by the over 55s is a 42% increase on 2016 and the first time the total has risen over £3 billion.

Borrowers fail to repay 1 in 3 interest only mortgages

New data has revealed 1 in 3 people with interest only mortgages fail to repay the capital at the end of the term. In a survey lasting 18 months and ending in June, Standard & Poor’s Global Ratings found 36% of borrowers still had capital outstanding at the end of their mortgage.

Mortgages for life?

Britain’s financial regulator could be about to authorise controversial interest-only mortgages which could run until the borrower dies. A consultation from the Financial Conduct Authority (FCA) is suggesting a relaxation of the rules governing lending to the elderly.

Forced to sell up to pay off interest only mortgages

Forced to sell up to pay off interest only mortgages

There has been a sharp rise in the number of homeowners forced to sell their homes to pay off interest only mortgages. New research from Key Partnerships has revealed that 43% or estate agents have seen a rise in ‘forced’ sales over the last two years.