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Gifting Via Equity Release could Help First Time Buyers Shave up to 14 Years of their Mortgage Term, according to new research by more2life
- Average amount of equity release gifted for a deposit is £69,376 - First time buyers see the time required to pay off their first mortgage reduce by 20% in London, 33% in the South and 50% in the East Midlands
- The over-55s are expected to have £294bn worth of debt by 2022, up from £272bn in 2021, as the cost-of-living continues to bite - Inflationary pressure sees nearly 40% of retirees spending more than they gain in income each month
With just under 2.5 million of owner-occupied homes failing to meet the Decent Homes Standard, not-for-profit enterprise - London Rebuilding Society - has today launched a new home improvement equity release product.
Leading equity release lender more2life is delighted to announce the appointment of Les Pick as Director of Manufacturing and Adviser Propositions. This is a newly created role.
The Later Life Lending Network becomes the first network with full access to two industry exclusive products
The Equity Release and Later Life Lending specialist network, The Right Mortgage Network, has become the first network to be granted full access to both the more2life Flexi Choice plans and the Classic plan offered through Pure Retirement for all of its Equity Release members.
- Building internal valuation, surveying and conveyancing expertise will allow more2life to drive efficiency and offer advisers and their clients comprehensive support for every application
Lenders step up support as advisers worry the pandemic has made it harder to spot vulnerable customers
New analysis of adviser sentiment on customer released today by leading equity release lender, more2life suggests that half of advisers say it is harder to identify vulnerable customers due to the impact of the pandemic
75% of advisers feel it is important for family members to be involved in the equity release process given the impact of COVID-19
- Just one in five (20%) of advisers felt family members only needed to be involved in the process depending on the complexity of the case - Just one in 20 (4%) did not believe it was important to involve family at all
New adviser research from leading later life lender more2life has today revealed that 80% of equity release advisers are confident that the market will grow in 2022
Using a specialist solicitor allows clients to complete equity release mortgages up to 20 days sooner than using a high-street lawyer, finds more2life
- Delays in using non-panel solicitors are due to unfamiliarity with the equity release process - Over £757 million of equity release lending estimated to be impacted by delays to end of Q3 2021
5 November 2021: Leading equity release lender, more2life, has today announced that it has more than £5 billion of loans under management. Founded in 2008 as part of Key Group, the company is now one of the UK’s largest equity release lenders.
Over-55s in the South are three times as likely to use equity release for property purchase as those in the North, finds more2life
- SE England, SW England and London comprised 46% of all equity release house purchase cases in 2020-21, compared to 15% from NE England, NW England and Yorkshire - South East England was the most popular region, accounting for almost a quarter (23%) of all cases
1.5 million widows have lost out on pension income after the death of their partner, reveals more2life research
- 59% of widows said they had been left with less retirement income, compared to just 16% of men who reported the same - Only a third of women (35%) have independent pension wealth, whilst 40% do not have any pension wealth whatsoever
Property purchases funded by equity release more than double in 2021, as retirees take advantage of the Stamp Duty holiday
- Equity release loans intended for purchasing property rose by 116% year-on-year in 2021 - Total value of property used for equity release more than doubled over same period
- Women missing out on £183,936 compared to men in retirement despite contributing a larger percentage of income to their pension pots - Gender pensions gap has risen by £26,673 since last year, highlighting the impact of Covid-19 on the retirement savings of over-55s
New research from more2life has today revealed that 94% of advisers are confident about the outlook for the equity release market over the next year, while less than three-quarters (71%) feel the same about the residential property market
Debt among silver spenders set to rise by £10bn in 2021 as consumer confidence returns, says more2life
- The over-55s are expected to have £236bn in debt by 2021, an increase from £226bn in 2020 as confidence returns. Returning consumer confidence follows a period of uncertainty for older households with 27% saying their financial situations have worsened since March 2020
Three-quarters of advisers believe more clients will look to equity release to meet basic needs in the next year, reveals more2life
New research from more2life has today revealed that over three-quarters (78%) of advisers think more of their customers will look to equity release to support basic retirement needs over the next year.
more2life urges advisers to protect vulnerable customers by responding to the FCA’s call for a new Consumer Duty
more2life is today urging advisers to respond to the Financial Conduct Authority’s (FCA) recent call for a new Consumer Duty by the end of July in order to ensure the needs of later life customers are accurately captured.
more2life offers the highest LTV available in the equity release market with the launch of two new plans
One of the UK’s largest equity release lenders, more2life, has enhanced its proposition with the launch of two new products, Maximum Choice Super 1 & 2, which offer the highest loan-to-value (LTV) options available in the market.
Equity release lender, more2life, has today announced a range of updates to its Capital Choice product suite as it aims to provide a more competitive and broader range of lending solutions to later life borrowers.
more2life has widened its extensive portfolio once again with the launch of its latest product, Prime Max Lump Sum, offering the highest loan-to-value (LTV) available in the equity release market today.
While only 8% of equity release cases are rejected, more2life – one of the UK’s largest equity release lenders – has tracked the reasons that cases are declined to help advisers better manage clients’ expectations.
more2life – one of the UK’s largest equity release lenders and part of Key Group - has appointed Darren Hymos as Business Development Manager.
With the last twelve-months requiring lenders to think differently about how they support clients and advisers, more2life is delighted to announce that it has partnered with Robiquity – specialists in robotic process automation.
Consumer demand for equity release purchase cases is rising as borrowers look to capitalise on the stamp duty holiday
more2life welcomes the FCA’s latest guidance on the treatment of vulnerable customers. Research from more2life also uncovered that the vast majority (81%) of advisers want more education to help identify vulnerability.
more2life launches new partnership with PRIMIS Mortgage Network, which will see the later life lending specialist sit on PRIMIS’ newly launched equity release panel.
Equity release lender, more2life, has today announced the launch of its latest lifetime mortgage, Capital Choice Ultra Lite.
With new products frequently entering the market, and increased product development, more advisers than ever are engaging with the later life lending sector.
The development of systems like online application approvals, electronic tracking and SMS updates is also bringing huge benefits for both clients and advisers. But adoption of technology in the later life sector has tended to lag behind the main market.
The Learning Lab is here to help you develop the knowledge and skills you need to succeed. We work closely with industry and marketing experts to offer easily-digestible content, tailored to advisers in the later life market. Take a look at the latest items ...
Borrowing in Later Life Report 2022
This report, created in collaboration with the Centre for Economics and Business Research (Cebr), looking at the difference in borrowing over the age of 55.
What documents can be used to verify your client's (and any attorney's) identity when making an application for more2life
Proximity to commercial helpsheet
Proximity to commercial properties remains a common reason for case declines - so we take a look at some of the influencing factors which can be taken into consideration by lenders
Flat roofs helpsheet
Flat roofs greater than 25% are now the most common reason for case declines at more2life, so we take a closer look at flat roofs - the main issues, what lenders take into consideration and more
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