Older homeowners utilise housing wealth to increase their income

FT Adviser has published an article which highlights that an increasing amount of older generations are turning to their housing wealth to supplement their income.  The article begins by quoting recent UK Finance figures which have shown that 16,800 borrowers had released cash via a remortgage transaction in December 2019. The article also sights the Council’s Q4 lending figures which shows older homeowners released about £15m from their properties each working day in 2019 and how the market has grown since 2015. Dave Harris, CEO of More2Life is quoted stating that downsizing seems unattractive with the lack of affordable housing and high stamp duty costs. He also encourages people to look holistically at their finances. Sarah Drakard, IFA at Cruze Financial Solutions, concludes the article by stating that with a rise in underfunded pensions she has seen an increase in equity release inquiries


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