If you're facing a pension shortfall or need to meet an unexpected expense, equity release can seem attractive. Equity Release Council report – Beyond bricks and mortar: the changing role of property in later life financial plans – supported by Key, The Equity Release Council has launched a Best Practice Guide…, Proportion of over-55s worried about running out of money in…, UPDATED NOV 10 Download the presentation here Watch the webinar…, Equity Release Council Equity Release Council – Spring Report 28 Apr 2020 / in News & Training / by Nicola Malone The latest report from the Equity Release Council, makes interesting reading. Equity release statistics broken down and analysed by segment, covering the financial years of 2015 and 2016. The product has a “no negative equity guarantee”. The guide encourages advisers to … Equity release refers to a range of products letting you access the equity (cash) tied up in your home if you are over the age of 55. To read the full press notice click here. Both these equity release specialists offer Equity Release Supermarket a specially negotiated fixed fee agreement for our clients of £695+VAT & disbursements. “Equity release is a long-term commitment that can only be made after careful consideration, regulated financial advice and independent legal advice. “The market’s development has been driven by competition, reinforced by robust consumer protections and product safeguards. There are two types of equity release; Lifetime Mortgages and Home Reversion plans. If you are interested in equity release after considering other options, make sure you get the best possible advice before taking out a product. As the UK’s ageing population continues to grow, making use of housing wealth will be essential to help all generations meet the financial challenges they’re facing both today and tomorrow.”. This comes as a total of £1.85bn in housing wealth was unlocked in H1 2019 by homeowners aged 55+ to support their later life financial planning. Home About Partners Testimonials News Services Rising Numbers Yet again the actual number of new Equity Release Strong consumer safeguards will continue to ensure equity release is chosen for the right reasons, with applications vetted prudently and carefully by weighing up both short- and long-term needs”. Council publishes Best Practice Guide for advisers 9 Dec 2020 The Equity Release Council has launched a Best Practice Guide to complement its Checklist for Advisers and support firms when… Council publishes Best Equity release schemes allow you to access your property's value for more cash in retirement – but equity release is an expensive, lifetime, commitment. Equity release allows individuals aged 55 and over to release money from the property they live in without having to make any monthly repayments. Table one: Equity release product options and features: Source: product data supplied by Key, August 2019. This comes as over half (51%) of homeowners aged 45+ see money invested in property as part of their financial plans for later life6. He said the under-estimation of the long-term guarantees provided by equity release … You agree you accept our Terms & Conditions for posting this ad. Once the fixed period has ended the customer can repay the loan in full without an ERC. Unlike other retirement mortgage products, customers can pay interest in part or in full without the risk of repossession if payments are no longer affordable, with the option of switching to roll-up at any point. A growing demand from consumers searching for options to release cash from their homes has had a significant impact on the equity release market over the past five years, research from Moneyfacts.co.uk has found. “Reflecting on 2019, the equity release market remained robust, as for a second year running older homeowners unlocked nearly £4bn of property wealth. A No Negative Equity Guarantee (part of the standard for Equity Release Council -compliant mortgages, making it the lender’s sole risk if the sale proceeds do not cover the eventual loan balance); Availability of drawdown facilities, instead of a single lump sum; The advent of inheritance guarantees. For products offered by Council members, this involves: a guaranteed fixed or capped rate of interest for an indefinite term until the plan is repaid, typically when the customer passes away or moves into permanent care; the continuing right to tenure without regular repayments being required; and protection for the customer against negative equity with the provider absorbing this risk. A broader range of products means equity release can play an important part of advisers’ toolkit when considering clients’ requirements in later life. 1.The Equity Release Market Report uses aggregated data supplied by all active provider members of the Council to create the most comprehensive view of consumer trends and product uptake across the equity release industry. Click here Figures published by the Equity Release Council have revealed that around £1.85 billion worth of housing wealth was unlocked in the first six months of the year as demand for later life funding reached record highs. Average equity release rates fell to record low of 4.48% in the second half of 2019, while two out of five products have rates lower than 4%, Increasing choice of products offering interest-serviced options, partial repayment flexibilities and downsizing protection, Wider later life market expands as total sales of all mortgage products to customers aged 56+ rose by 25,212 between H1 2015 and H1 2019, Over-55s account for 75% of UK population growth, projected to increase by 3.7m by 2030, 63% of new customers opted for drawdown lifetime mortgage products – taking smaller amounts up-front than lump-sum products, Older homeowners are continuing to recognise the utility of property wealth, as £1.81bn was unlocked in H2 2019. The Equity Release Council has elected five new directors to its board. Some £384million was taken out in … Equity Release Council The Old Rectory Church Lane Thornby NN6 8SN How much you can release varies between providers but usually depends on your age, health, and value of your home. 4. NN6 8SN. You agree you accept our Terms & Conditions for posting this ad. Equity release lending totalled £384.3m in quarter two this year making it the largest amount on record lent by the industry to homeowners over the age of 55, the Equity Release Council says. Equity release product features explained: Lifetime mortgage rates reflect the additional features and protections offered above and beyond typical homeowner mortgages. Equity Release Council members and the wider sector are being encouraged to take part in the Government’s £2bn Kickstart work-placement scheme, after a gateway training provider offered to submit a collective bid. This growing product range with increasingly competitive rates comes at a time there are an estimated 20.5 million people aged 55+ in the UK, including 1.6 million aged 85+4, with those who own their home outright aged 67.75 on average. There has also been a notable annual rise in product options available on sheltered and/or age restricted accommodation (269%), while the range of options offering downsizing protection have doubled. Source: Company websites, 18th May 2018. Global and Country Specific Logistics Finance Market Report 2020 Forecast, Opportunities and Strategies To 2027: COVID 19 Impact and Recovery Top Key Players Maersk, Logistics Finance, First Financial, Equity Release Council, Chinlink, The Zambian Agricultural Commodity Agency Ltd, CMSTD, Sinotrans, Cosco Shipping Logistics The American Investment Council released a report this week that shows that the private equity industry invested $309 billion in 4,788 businesses across all regions of the country. Equity Release Marketing Hub A variety of materials and content which will help you stay up-to-date with the latest trends in the lifetime mortgage market. The Equity Release Council have responded to Adam Smith Institute report, which was published earlier this week, and is presented here. Their latest report, released in September 2019, highlights the rapid … The top growth areas over the last year include options for sheltered or age-restricted accommodation, interest-serviced (regular interest payments) options, downsizing protection, inheritance guarantees and drawdown facilities. Equity Release products trends revealed as industry responds to consumer demand. ©2020 Equity Release Council. While this website is checked for accuracy, Barcadia Media Limited are not liable for any incorrect information included. It is also a sign of the greater frequency with which the option of releasing equity is coming up in retirement planning conversations. For a comprehensive list of members, please visit the Council’s online member directory. Covered in this report. ... And, as a member of the Equity Release Council, your protection is our priority. If a firm is a member of the Equity Release Council, they must arrange for you to have at least one face-to-face meeting with a solicitor. Equity Release Council – Spring Report 28 Apr 2020 / in News & Training / by Nicola Malone The latest report from the Equity Release Council, makes interesting reading. NN6 8SN. What Mortgage Awards winner of Best Equity Release Lender. January 2020 saw equity release average rates drop to record low of 4.48% as product options surpassed 300 The Equity Release Council has launched a Best Practice Guide to support firms when discussing and documenting customer needs. Voluntary/partial repayments – allows ad hoc or regular repayments to be made, typically up to 10% of the initial loan per year, with no early repayment charge (ERC). Equity Release Council enables remote legal advice during Covid-19 Legal advice can be provided remotely without a physical face-to-face meeting … The Equity Release Council, the representative trade body for the equity release sector has published its Spring 2020 Market Report. Quarter 3 2019. Ministry of Housing, Communities and Local Government, English Housing Survey data on homeownership for 2017/18, 2016/17, 6. The market is further segmented on the basis of types and end-user applications. Average equity release rates fall below 5% for first time. Equity release customers are taking out more money and doing so later in life – increasingly through lump sump lifetime mortgages. Inheritance guarantee – reduces the maximum loan amount but enables a fixed percentage of the property value to be ring-fenced as a minimum inheritance, regardless of the total interest accrued by the loan. “The increasing diversity of firms in the market reflects the wide range of consumer needs which property wealth is helping to address. The report provides a basic overview of the industry including definitions and classifications. There is no risk of repossession if payments are missed as customers can stop monthly interest payments and revert to interest roll-up at any time. Equity release customers saw unprecedented levels of product choice and flexibility in the first six months of 2019, according to the Equity Release Council’s Autumn 2019 Market Report1. Your estate is everything you own, … In a sign that the industry continues to respond to consumer demand for more flexibility and choice, the range of product options increased two-fold compared to this time last year to almost 300 options. That’s according to the Equity Release Council’s second annual market report, which provides an overview of trends in the rapidly expanding sector.Among the key findings: Product choices • Drawdown products are still the majority preference, but the fastest growth of All firms selling equity release must offer advice first. More about the Equity Release Council. The Equity Release Council, the representative trade body for the equity release sector has published its Spring 2020 Market Report. The latest edition was produced in Autumn 2019 using data from new plans taken out in the first half of 2019, alongside historic data and external sources as indicated in the report. Church Lane Thornby Repayment flexibilities for significant life events and changes of circumstance – a number of lenders have now introduced a feature for joint borrowers whereby, if either one passes away or moves permanently into long term care, the borrower/s can repay the loan within three years if they wish to do so without any early repayment charge. The "catch" is that the income-provider must be repaid at a later stage, usually when the homeowner dies. Equity release lending totalled £384.3m in quarter two this year making it the largest amount on record lent by the industry to homeowners over the age of 55, the Equity Release Council … All figures quoted are aggregated for the whole market and do not represent the business of individual member firms. ©2020 Equity Release Council. This is approaching the typical age that customers take out equity release – averaging 70.3 years for new drawdown plans and 68.0 for new lump sum plans. Downsizing protection – allows customers to downsize to a smaller property and repay the loan – either voluntarily or if the new property does not fit providers’ criteria – without incurring an ERC. The Equity Release Council is urging to advisers to ‘respectfully and robustly’ challenge clients’ motivations when looking for lending solutions in its new Best Practice Guide, published today. 15 November 2019 ⦁ Volume of drawdown increases 12% year on year as market hits £887 million ⦁ Wales, Yorkshire & The Humber, West Midlands and London all report growth, Key’s Q3 2019 Equity Release Market Monitor shows Report this company About us The Equity Release Council is the industry body for the equity release sector, which represents over 400 members … Energised by strong competition in the market and consumer demand, there has been continued growth across all product features – underpinned by Equity Release Council standards guaranteeing three levels of protection including product safeguards, regulated financial advice and independent legal advice. “Older homeowners considering equity release have never before had more choice and flexibility to meet their changing needs and their families’, with average rates also at record lows. 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