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Equity release highest for ten years

Equity release highest for ten years

 



Video transcript

The amount of people over the age of 55 releasing equity from their homes rose to its highest level since 2004 during the second quarter of 2014.

Data from the Equity Release Council (ERC) has revealed that homeowners withdrew £325.6 million during the three-month period, taking the total released between January and June to £641.2 million - the largest ever six-month figure.

The first half of the year saw a big increase in the amounts taken out as a lump sum, with an annual increase of 48 per cent to £260.3 million. That suggests that more people want more of their money out in one go, whether to fund home enhancements, settle their existing debts, help their children put down a deposit , treat themselves to something special, or supplement their pension.

Nigel Waterson is the chairman of the ERC, and he muses that `while the majority of customers continue to opt for drawdown products offering income in regular instalments, it is interesting to see the shift towards lump sum products over the past few years`.

At First Choice Finance we can arrange life time mortgages on a draw down or lump sum basis from our equity release lender panel. Our quotes are without obligation and only if you`re happy with what you see, we`ll get the money released to you efficiently.

Find out more about equity release through firstchoicefinance.co.uk or call us for free on 0333 003 1505 or 0800 298 3000.
 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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Remortgage activity fell in February