In the news
EQUITY RELEASE RATES RISE FROM ALL-TIME LOWS
Rates on lifetime mortgage deals are beginning to rise from record lows, with the average equity release rate for fixed and variable rate deals rising in March and in April1.
While those considering taking out a lifetime mortgage will likely want to take advantage of lower rates, equity release isn’t right for everyone – so it’s important not to rush into a decision.
CORONAVIRUS SPARKS DEMAND FOR RURAL PROPERTIES
Prime property hunters say that having a dedicated space for remote working is now a bigger priority, a survey has found2.
Following the COVID-19 pandemic, people are likely to be working from home much more; the research suggests that buyers at the top end of the market are therefore expanding their search out into well-connected rural areas, so they can split their time between home and the office.
PENSIONERS ENJOY £15BN BOOST TO PROPERTY WEALTH
Britain’s ongoing climate of political and economic uncertainty has been no barrier to the continued growth of pensioners’ property wealth. Over-65s now own £1.13tn of mortgage-free property, a £14.78bn rise on last year. This is equivalent to a gain of £3,152 per homeowner3.
Long term, the gains are even more significant. Since 2010, the property wealth of mortgage-free homeowners, over the age of 65, has shot up by 45% – or almost £354bn. This equates to gains of £75,000 per homeowner.
Mortgages on and equity released from your home will be secured against it.