Category: Knowledge

Purchasing a home is perhaps the biggest financial commitment of your life, and it’s important to establish a good foundation for your financial and personal future. Yet there are many pitfalls for an inexperienced home buyer, and these mistakes can be costly in the long term.

Property investment is well known to be an excellent and relatively secure form of wealth creation, accessible to people of any income who have the initiative to plan their investment strategy and tackle it one step at a time.

Equity Release allows a home owner aged over 55 to borrow against their home’s equity while still maintaining ownership of the home. You can receive a lump sum or regular payments, and the loan is due to be repaid when you die, sell the residence or move permanently from the residence.

When you are going through the home loan and mortgage application process, your mortgage broker can help navigate you through all the paperwork and different loan options to find the right loan for you. While the process might seem overwhelming, you might not know which questions to ask.

As Later Life Lending Experts and Mortgage Advisers we thought this was important! Estimates from research conducted by Canada Life have suggested that an increasing amount of people will look to raise income by releasing equity from their homes and nearly 14 million plan to keep their current property rather than downsize.

Building wealth for a solid financial future
As a parent, guardian or grandparent, you’ll want to provide the best future for your children or grandchildren that you can. Christmas is an excellent time to encourage children to start thinking about the value of money.

It can be a daunting prospect to think about selling the family home, but it is a decision that many decide is the right choice for them once the children have long moved out and the upkeep seems too onerous. However, people don’t often consider the impact this could have on their retirement, according to new research[1].

Latest research has found that the majority of over-55s are confused by basic equity release terms and conditions.
This could be worrying for a section of the market that are increasingly using equity release products to release the money tied up in their home.

In 2017, 1,138,058 judgments were issued against consumers in England and Wales; an increase from 912,389 in 2016. The average value of a CCJ fell to £1,493 – 13 per cent down on the year before. In 2008 the average CCJ was £3,624 – more than double last year’s figure.

When it comes to your life insurance, you’ve got options
‘Single life’ policies cover just one person. A ‘joint life’ policy covers two people, and when one person on the policy dies, the money is paid out and the policy ends. You will need to decide whether the joint policy pays out on first or second death, as this will determine when the policy ends.