The amount of wealth accessed by homeowners in 2017 by using equity release has increased 55% over the year helped by more products.
The number of remortgage buyers surge 12% taking advantage of record low mortgage rates to reduce the cost of repayments.
For first time buyers a discount mortgage could save them money rather than fixed rate where the interest charged is more expensive.
Number of home buyers taking out a mortgage in London is up 6% in the second quarter 2017 with strong demand from first time buyers.
There are over 5 million people with multiple properties after a 30% increase in their numbers since the start of the century.
The number of home movers has reduced by -2% creating a shortage of properties for first time buyers and higher prices.
Homebuyers can expect tougher affordability tests from lenders when applying for mortgages as Bank of England acts over easy borrowing.
Nearly one in three second steppers require over £20,000 in financial support from the bank of Mum and Dad to buy their next home.
For the second quarter in a row the number of home buyers are lower in London due to restricted supply and affordability.
The number of first time buyers increased by 30% in the last month with demand expected to continue with attractive mortgage deals.
Housing wealth in England of £1.8 trillion can be accessed with equity release and used by an aging population to fund retirement.
The mortgage market has seen a rise in the number of products on offer giving homeowners more choice as rates reach new lows.
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.
CONTACT
Address:
9th Floor, 30 Crown Place
London, EC2A 4EB
Phone:
0800 955 0058
Email:
info@londoncitymortgages.co.uk
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.