New report into equity release popularity

New report into equity release popularity

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Highest Loan To Value Purchase Mortgages And Remortgages - Low Rate Loans From £5,000 To £150,000 - Release Your Equity With An Equity Release Plan

Video transcript

The reasons for a greater number of older people choosing equity release have been revealed in a new study from the Equity Release Council.

One of the headlines presented by the Equity Release Market Report is that the average interest rate for products has fallen by 0.5 per cent since 2011. While that may not sound much by itself, borrowing rates for overdrafts and credit cards have risen significantly over that period.

Another factor in the uptick in equity release applicants is the rate at which their homes gain in value. On average, customers` homes have gained more equity than other homeowners since 2011, so the incentive to release some of it will be greater.

The Equity Release Market Report also indicates that two-thirds of customers are opting for drawdown options, while the remainder choose a lump sum. For the former, their properties are usually worth more, but the latter typically take out a greater amount.

Increasingly, people are turning to the internet to gain advice about equity release, with more than half (54 per cent) hearing about the topic online. First Choice Finance provides extensive information both on line and directly over the telephone as we believe it is important to potential customers to discuss their scenario with a person directly if they so choose.

If we have a product that works for you then we will provide you with a free personal quotation for you to decide next steps. Find out more about equity release by heading to firstchoicefinance.co.uk or by calling us for a no pressure chat on 0800 298 3000 on your landline, or 0333 003 1505 from a mobile.

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Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


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.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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