SHIP’s Equity Release and State Benefits Campaign Gathers Pa

Towards the end of last month Safe Home Income Plans (SHIP) once again urged more clarity between equity release and state benefits by producing a questionnaire designed to garner feedback from advisors as well as customers.

This move has now gathered pace after a number of high profile associations offered their support.

“Associations voicing their support”

The Personal Finance Society (PFS), the Association of Independent Financial Advisers (AIFA) and the Association of Mortgage Intermediaries (AMI) have all added their voice to the campaign to improve understanding between equity release and state benefits.

Andrea Rozario, Director General of SHIP, has spoken of her delight about the level of support the questionnaire is getting. She said:

“Our campaign has been very successful so fa

Posted by Dezbroatch on 8 June 2010

Equity Release Could Help Homeowners Working an Extra Year

Following the Queen’s Speech this week (25 May 2010) many experts suggested that the age when people can claim a state pension could rise to 70 years-old, much sooner. This could see some homeowners turning to equity release.

Furthermore, for some four million people currently working, they might have to wait until they are 66 before they can retire. This is because the Conservatives have pledged to bring the dates for this increase in age forward to 2016 for men and 2020 for women.

Relying on Equity Release

Although many people will, in the future, be working well beyond the current retirement age of 65 years-old, funding a retirement will still be important. Plus many people may be keen to start enjoying their elder years earlier if they are still required to work. By using equity release, homeowners can unlock a lump sum from the value of their property to spend on whatever they wish.

However, there is some con

Posted by Dezbroatch on 8 June 2010

Five Top Reasons For Equity Release

Homeowners across the UK release equity for a whole number of reasons, whether it is about improving quality of life or managing debt. However, what are the five main reasons that people release equity from the value of their properties?

Repay the Mortgage

This remains the leading reason for homeowners to release equity. According to information from Age Partnership, 22.73% of equity release schemes taken out in the first three months of 2010 cited this as the leading reason.

Although this percentage is down on the 30.77% for the same period in 2009, it is still the main reason by some margin.

Debt Consolidation

Enjoying financial freedom is one of the key things that drives a desire to release equity so it is no surprise that debt consolidation comes in second with 19.32% of all plans taken out in Q1 2010.

Home Improveme

Posted by Dezbroatch on 8 June 2010