The average price for a London home has broken through the £600,000 and has almost doubled in price since 2009.
The upper age limits for homeowners to be accepted for a mortgage have been increased by the Nationwide to 85 to meet Britain’s aging population.
UK house price growth was only 0.2% during the month of April with lower annual returns suggest a slowdown in the property market.
The Equity Release Council reports biggest quarter for homeowners borrowing from their property with £393 million of mortgages.
George Osborne has warned mortgage rates would increase if the UK leaves the European Union increasing the cost to homeowners.
The surge in buy-to-let investors ahead of the stamp duty tax has helped to increase mortgage lending to a new high in February.
New data from the ONS shows the south East and London with double digit rise in house prices compared to the north widening the gap.
Figures from the CML estimate a 30% rise in mortgage lending over the year as homebuyers seek to complete before the April deadline.
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.
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