Royal London has warned that the majority of homeowners cannot afford a retirement interest only mortgage due to affordability.
The number of homeowners are releasing equity from their homes has doubled for many UK regions in the last five years.
Homeowners use equity release to access almost £4 billion of wealth from their homes up for the seventh consecutive year.
Buoyant market for homeowners sees £11m of equity released each day from property and a record £1bn in the third quarter.
Greater product flexibility is driving rapid growth in homeowner demand for equity release with 120% more lending in the last two years.
Equity Release may involve a Lifetime Mortgage or a Home Reversion Scheme. To understand the features and risks, please ask for a personalised illustration. Equity Release may affect your entitlement to means tested state benefits and will impact on the size of your estate. For Equity Release London City Mortgages charge a fixed fee upon completion of £695. For Mortgages a fixed fee is charged on application. Typically this is from £295 up to £495 for the services selected.
Equity Release - Equity Released from your home will be secured against it. Mortgages – Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured against it. Think carefully before securing other debts against your home. The information contained in this website is subject to the UK regulatory regime and is therefore intended for consumers based in the UK.
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London City Mortgages Limited is a registered company in England & Wales under company number 09278987. London City Mortgages Limited is an Appointed Representative (FCA no. 655965) of Blackstone Moregate Limited (FCA no. 459051) which is authorised and regulated by the Financial Conduct Authority. LCM and LCM Equity Release are trading names of London City Mortgages Limited.