Three in five first-time buyers depend on the bank of mum and dad in order to get onto the property ladder, according to research by Just Group. In the last five years, 61 per cent of FTBs relied on financial help from relatives in order to purchase a property. In comparison, just 20 per cent of FTBs relied on financial assistance from relatives 30 years ago.
As the UK housing market changes, more people over the age of 55 are looking for mortgage options that suit their needs. Whether it's downsizing, equity release, or planning for retirement, finding the right mortgage can offer both flexibility and financial security. In this blog, we’ll look at what you need to know about getting a mortgage for over 55s.
As the price of energy rockets, generating solar power and using it within your own household now offers a far bigger saving than it used to. Not only can solar panels reduce your energy bills, they can also improve your carbon footprint, too. More and more people are remortgaging their current properties releasing equity to fund home improvements in the hope that the value of their property will increase in the long term. However, remortgaging could also be an option for funding solar panels. Solar power might not only increase the value of your property, but also tick the box for homeowners looking for an energy efficient house to reduce energy bills.
Modern mortgage needs are so wide reaching for today’s homeowners, that equity release is fast becoming a more commonplace method of funding a retirement income. Having evolved hugely from their early, more rigid days, there are now far more lenders in the market offering flexible equity release products.
The UK’s long rise in house prices means that a large proportion of homeowners’ wealth is sunk into their property, and is therefore inaccessible. If you are over 55, equity release can be a sensible and practical way of releasing funds from your home. But it is a decision best made with professional advice, as it is a big step to take.
