Will the London Property Market be Hit by the Mortgage Market Review (MMR)?
May 19th, 2014
The Financial Conduct Authority (FCA) has now implemented the Mortgage Market Review (MMR). In fact, the Financial Services Authority began the process in 2009 after the subprime mortgage debacle. The idea of the review is to reform the mortgage market to ensure avoidance of a worldwide disaster like that of 2007. For many first time homebuyers it is making it more difficult for them to secure the down payment and get onto the property ladder whether it is in London or not. The good news is that many retirees, over 55s, are in London and they have significant equity in their homes. This equity can be released to help their children with the down payment they require. There are different equity releases such as interest only lifetime mortgages, impaired equity release schemes and drawdown lifetime mortgages. …read more
How Your London Pad Could Create a Foothold on the Alternative Property Ladder
May 19th, 2014
You have already established yourself on the property ladder as you have a London Pad to enjoy. Unlike many first time buyers who wish to purchase homes in London, but cannot afford the down payment, you have done your time, purchased property, and now you are retired. Now you have time on your hands and plenty of opportunities to make the most of it. In fact, you could decide to join in the rush to the alternative property ladder. Equity release enables you to have a second property investment. Your London location makes it doubly perfect since your home value is significant compared to other counties and parts of the UK. Complete your London equity release calculation now to see if the figures are appealing to you and how much you can potential raise. …read more
Why Equity Release Schemes are becoming the Saviour for Londoners with Interest Only Mortgages
May 16th, 2014
On the cusp of retirement and yet your mortgage is not repaid in full? Numerous Londoners face this situation and with the Mortgage Market Review (MMR) restricting lenders it is becoming difficult to see what the future can provide in the way of comfort. For those who had an endowment on an interest only mortgage, most are finding it has fallen short to cover the entire amount owed. Others chose a different mortgage with no repayment vehicle. Trying to locate a solution for your retirement years is getting difficult for those over 60. Unless you consider the pros and cons of equity release, which is one solution to the problem of mortgages into retirement. …read more