At the end of 2019, later life lending was expected to reach £295 billion and to rise to £548 billion by 2029, an increase of 85% over the decade.
Rapid Growth Area
This type of lending is growing rapidly due to factors such as rising house prices, buying property later in life, an ageing population and an increased acceptance of using unsecured debts in retirement.
Ongoing Debt Takes Its Toll
More of us are now entering retirement on fixed incomes, with ongoing debts to pay. One option that could help you with unexpected expenses or enhance your entirment years is an Equity Release scheme. Equity Release products are designed for those 55 and over to take cash value from their homes without having to move, offering a source of income.
Please get in touch with us for our expert advice and see whether an Equity Release scheme could help you and your circumstances.
A lifetime mortgage is a long-term commitment which could accumulate interest and is secured against your home. Equity release is not right for everyone and may reduce the value of your estate.
We can help you!
Your home may be repossessed if you do not keep up repayments on your mortgage
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.