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Equity release may be best way to pay off interest only mortgages | Personal Finance | Finance | Express.co.uk

GETTYGet rid of your debtEquity release may be the best way to pay off interest-only mortgages,Equity release may be best way to pay off interest only mortgages – Personal Finance – Finance – Express.co.uk, says Harvey Jones.Older homeowners struggling with hard-to-clear debts and other pressing costs have a potential lifeline in the shape of equity release.This financial salvation may become more crucial than ever as the interest-only mortgage crisis comes to a head. But worryingly, few know how it can help them.GETTYA great way to find financial salvation Related articles WARNING: These popular apps are watching PORN behind your back Families will save thousands on holidays as child air tax is abolished Equity release allows you to unlock the capital in your property and turn it into cash that you can spend today without having to sell your home. The problem is more pressing than ever Dean Mirfin For hundreds of thousands of retired homeowners it may be the only way to clear off an unpaid interest-only mortgage and other crippling debts.A huge swathe of homeowners took out interest-only mortgages in the 1980s and 1990s instead of repaying the capital on their loan every month.Many were sold endowments intended to clear the debt that have underperformed and will leave a massive shortfall at maturity,navy blue duvet cover king, while others had no repayment vehicle at all.Now, 25 years later, many will be shocked to discover they owe their bank or building society tens of thousands of pounds they simply do not have.Almost a million homeowners face the frightening prospect of paying off an interest-only mortgage at the end of their working lives.Unless they can scrape together the money they may have no option but to sell their home to clear the debt.Citizens Advice recently described interest-only mortgages as a “ticking time bomb” and warned one in three homeowners could be forced to sell up because they cannot meet the bill.For many this will come as a shock because they will have given their interest-only mortgage little thought since setting it up years ago.Dean Mirfin,Equity release may be best way to pay off interest only mortgages – Personal Finance – Finance – Express.co.uk,liner duvet,Equity release may be best way to pay off interest only mortgages – Personal Finance – Finance – Express.co.uk, technical director at Key Retirement,Equity release may be best way to pay off interest only mortgages – Personal Finance – Finance – Express.co.uk, the specialist independent equity release advisers, says the news will come at the worst possible time with many about to see their income drop in retirement.“The problem is more pressing than ever as the first wave of interest-only deals starts to mature over the next few years,Equity release may be best way to pay off interest only mortgages – Personal Finance – Finance – Express.co.uk,” he says.CHANCE OF A LIFETIMEEquity release, sometimes called lifetime mortgages, can help cash-strapped homeowners enjoy their retirement free of debt while continuing to live in their own home.Mirfin says the big problem is that too many older homeowners fail to realise equity release is an option.“Many banks and building societies do not sell equity release plans and fail to signpost it as a solution,Equity release may be best way to pay off interest only mortgages – Personal Finance – Finance – Express.co.uk, leaving their customers in the dark.”Equity release allows homeowners aged 55 and over to raise money by unlocking the capital value of their property.GETTYEquity release may be the best way to pay off debtsProvided you use a reputable, regulated scheme you and your partner should not have to sell your home at any time but can remain there until you have both either died or gone into long-term care.You might even be able to move to a new home if you wish, subject to the terms of your plan.Equity release is an escape route for growing numbers of older people who are heading into retirement with an interest-only mortgage or other unpaid debts such as a loan,cotton duvet cover twin, overdraft or credit cards.You can spend the equity release cash on whatever you like. Many use some of the money to do up their home to make it suitable for later life.Mirfin says most older homeowners with an endowment shortfall should be able to clear the remaining debt by releasing equity from their property as it will be worth much more than when they bought it.Those who have no repayment vehicle may owe larger sums. “In this case we estimate equity release can help roughly half clear the debt and hang onto their home,” says Mirfin.Equity release will not be right for everybody so you must do your research carefully, consider all your options and take advice from an independent adviser who specialises in this area and can recommend products from across the market.That way you can be confident they have recommended the right equity release scheme for you and your family.For added security only use a lender that is regulated by the Financial Conduct Authority.Before signing up consider every other option for raising money, such as cashing in part or all of your pension or investments, taking on another job, getting support from your family or claiming all the state benefits to which you are entitled.RISING EQUITYTypically the money you borrow and the interest charged on that rolls up year after year and is eventually repaid from the proceeds of your house sale after you die or go into long-term care.Most reputable plans also offer a hugely valuable no-negative equity guarantee, which pledges that you and your family will never owe more than the property is worth,duvetica piumino rosso modello ace,Equity release may be best way to pay off interest only mortgages – Personal Finance – Finance – Express.co.uk, even if house prices crash.GETTYCross out debtInterest rates are slightly higher than on traditional mortgages but if you take out a fixed rate it will not increase no matter how long you live. Rates start at around six per cent but Legal & General recently launched a market-leading lifetime mortgage at just 4.99 per cent.Equity release offers pensioners a great source of untapped wealth,Equity release may be best way to pay off interest only mortgages – Personal Finance – Finance – Express.co.uk,childrens duvet covers, with new research from Key Retirement showing that retired homeowners own property worth a massive £917billion.That sum continues to rise as house prices grow, with pensioners who own their homes outright seeing its value rise on average by £1,000 a month.Industry body the Equity Release Council has worked hard to raise standards with its code of conduct and most reputable lenders are now members.Council chairman Nigel Waterson says housing wealth is often people’s greatest asset and it makes sense to consider equity release as part of their retirement and estate planning.He adds: “It is not suitable for every circumstance,duvet pronunciation, which is why it is essential to seek professional financial advice and independent legal help.”However, be warned, the payout could affect your entitlement to certain state benefits,montura summit duvet, so you need to do your sums carefully. Related articles Five-minute guide to borrowing money from your peers Are YOU on the wrong phone contract? It could cost you HUNDREDS a year Time running out for Isa savers: Top fund picks for your cash

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