3 property trends that highlight the relevance of later life lending
Homeownership underpins greater financial security in later life. Over the years, homeowners have built up an asset, so when it comes to their later years, it can be used to help them to with a whole host of different wants and needs.
That’s the underlying message in the equity release councils Home Advantage
Report, which pinpoints key trends that have altered the financial landscape for pensions and homeownership. We’ve picked out 3 trends that really highlight the need for broader funding options in later life
So what are the trends?
1. Mortgage terms are getting longer and longer
2. Wider acceptance of later life debt
3. Buying property with the help from mum and dad
For many people, living a comfortable retirement is their main priority but they need to make some changes to achieve this goal. Equity release could help them by paying off their mortgage to free them of the monthly payments, providing the funds to move to a more suitable house, moving closer to loved ones, or simply providing a regular income for their retirement years.
With the average first-time buyer needing a whopping £59,000 deposit (Moneyfacts, 2021), and the average age to inherit money standing at 47 (YourMortgage, 2021), it’s easy to see why many are struggling to get on the housing ladder. The bank of mum and dad (or gran and grandad) is essential for many to secure a mortgage. For those who wish to help their loved ones when they can make the most difference, releasing equity could allow them to gift this valuable ‘living inheritance’.
Unlock new client possibilities with equity release referrals
It’s clear that the demand for borrowing options in later life is becoming increasingly relevant for more homeowners over-55. You can help your clients unlock financial possibilities by referring them for specialist equity release advice. It’s a great way to add a complementary lending solution to your existing capabilities and offer solutions to clients you wouldn’t ordinarily be able to help.
Referring to Key Partnerships for equity release advice can help you spot opportunities within your existing client base and give you confidence for your client conversations. We only need your client’s name, age and contact number and take full compliance responsibility for the advice given. You can be involved as much or as little as you want and we’ll make sure we keep in touch through each stage of the referral.
In 2020, we paid an average of £1,766 for each case that completes.
For more information, contact our expert team on 0800 138 1663, email: refer@keypartnerships or visit www.keypartnerships.co.uk