I have found a lot of folks do not read papers or even look at the news thereby missing out on crucial issues. Mind you quite happy to watch all the soaps under the sun. ' Shabby ' ad on tv at the moment giving people the impression they have nothing further to pay after getting their equity release funds.
Woman on TV last night mugged out of £35k and even let the muggers walk her to the bank to withdraw the money. How many times do people need telling..!!!!
Mugged ... perhaps an evocative word, but perhaps also not an unfair one ... caveat emptor is probably better, although to be honest the average persons knowledge and experience of financial instruments and situations is such that its like taking candy off a baby.
An elderly couple asked my advice, about 20 years ago when this scheme was popular in a past time, I didn't advise them one way or the other, but I made sure that they understood all the ins and outs of what they were doing and what their other options were. They chose not to go ahead with it -- I thought that that was the right decision for them.
Older homeowners withdrew a record total of £5m from their properties each day as an increasing number of retired people used their main asset as a source of income at a time of dismal savings rates. Equity release lending to homeowners over the age of 55, which allows people to use money drawn on their property without having to make monthly repayments or downsize, jumped by £68.3m to £452.6m in the three months between June and September, compared with the previous quarter
ShareCast News) - The number of mortgages approved by British banks in September fell to its lowest since May, data released on Monday showed.
According to the latest figures published by the British Bankers' Association (BBA), said mortgage approvals for house purchases fell to a four-month low of 44,489 in September from 46,567, although they remained up 14% year-on-year.
"Borrowing figures in the mortgage market remain strong as customers take advantage of record low interest rates. In particular, remortgaging remains high as savvy customers secure attractive deals ahead of a possible rate rise," said BBA chief economist Richard Woolhouse.
Meanwhile, net credit card lending and lending for personal loans and overdrafts both declined from August to September, the report added.
"The dip in mortgage approvals in September could possibly reflect recent modestly reduced expectations of a near-term rise in interest rates," said Howard Archer, chief UK and European economist at IHS Global Insight.
"It is also possible that lower mortgage approvals in September is a sign that housing market activity is being constrained by a shortage of properties on the market."
The opportunity to buy a home in England and Wales is at its best in 13 years amid a decline in the cost of essentials, a drop in mortgage payments and a rise in average incomes over the past 12 months. It improved for the third quarter in a row in the three months to June and is 40% up on 2007, according to Hamptons International's latest ability-to-buy index, which measures changes in the cost of living, interest payments and house prices. - The Times
The increase in stamp duty on more expensive homes has led to a sharp drop in sales of properties for at least £1m, two reports confirmed. The UK total fell by 11% in the first half of 2015 compared with the same time last year, says Lloyds Bank. LonRes research for the Financial Times found the number of London homes sold for between £1m and £2m fell 22.5 per cent from July to September, against the same time in 2014. - Sunday Telegraph
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