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£1.17bn in property wealth accessed by over-55s in Q2


By Michael Griffiths

Over-55 homeowners unlocked £1.17bn of property wealth during the second quarter of the year, according to new statistics published by the Equity Release Council.

This represented a 2% rise from £1.14bn in Q1 2021 and was up 67% year-on-year from Q2 2020 (£698m) during the first COVID-19 lockdown


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Net mortgage borrowing jumps to £17.9bn in June – BoE

Net mortgage borrowing hit a record £17.9bn in June, new figures published by the Bank of England (BoE) have revealed

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HMRC reports fall in deaths resulting in IHT charge

The proportion of deaths in the UK resulting in an inheritance tax (IHT) charge has seen a 0.2% decrease, new HMRC figures have revealed

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Annual house price growth falls to 10.5% in July – Nationwide

Annual house price growth has remained in double digits during July but slipped back to 10.5%, according to the latest Nationwide House Price Index

3.6 million people lose track of pension savings, study finds

Over 3.6 million UK adults are unaware how many pensions they have and risk paying more in fees than necessary, according to new research by Scottish Widows

L&G Home Finance extends Santander partnership

Legal & General Home Finance has extended its five-year partnership with Santander UK to help the bank’s mortgage customers with later life mortgage options
One in three people to retire in debt this year – Key

Nearly one in three people (32%) will retire in debt this year with an average £20,650 to pay off, new research from Key has revealed

The Nottingham reports profit after tax for H1 2021

The Nottingham has reported a profit after tax of £4.9m for the first half of 2021

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HMRC reports fall in deaths resulting in IHT charge

The proportion of deaths in the UK resulting in an inheritance tax (IHT) charge has seen a 0.2% decrease, new HMRC figures have revealed

IHT receipts at highest ever yearly level

Receipts for inheritance tax (IHT) have reached their highest ever level over a 12-month period, new data published by HMRC has revealed

Govt inaction criticised over pension tax anomaly

The government’s lack of progress towards rectifying an estimated 1.5 million or more low-income workers paying a 25% penalty for their pension savings has been branded “disappointing” by the Low Incomes Tax Reform Group (LITRG)

HMRC launches new IHT tool

HMRC has announced the launch of a new online guidance tool to simplify the process for inheritance tax (IHT)

Aon and Willis Towers Watson terminate proposed merger

Aon and Willis Towers Watson (WTW) have agreed to terminate their proposed $30bn (£21.5bn) merger following an “impasse” with the US Department of Justice

FCA acts against debt packager firms

Five financial services firms have stopped providing regulated debt advice until further notice following an FCA review of the practices of debt packager firms

Regulator issues financial crime warning to retail banks

Retail banks have been issued a warning by the FCA about weaknesses and failings surrounding their financial crime controls

Conveyancing Association urges govt to deliver on promised leasehold reform

The Conveyancing Association (CA) has urged the government to “move further and faster” in delivering the leasehold reform it has previously promised

£1.17bn in property wealth accessed by over-55s in Q2

Over-55 homeowners unlocked £1.17bn of property wealth during the second quarter of the year, according to new statistics published by the Equity Release Council. This represented a 2% rise from £1.14bn in Q1 2021 and was up 67% year-on-year from Q2 2020 (£698m) during the first COVID-19 lockdown

£2.4bn per month in debts repaid by UK borrowers in last six months

The last six months have seen 14% of UK adults repay debts totalling £2.4bn a month, according to new research published by LifeSearch

Low credit ratings delay life ambitions for three in 10 UK adults

Around 15.6 million people across the UK are delaying buying homes, getting married and changing careers due to poor credit ratings, according to a study from Tymit

One in three people to retire in debt this year – Key

Nearly one in three people (32%) will retire in debt this year with an average £20,650 to pay off, new research from Key has revealed

3.6 million people lose track of pension savings, study finds

Over 3.6 million UK adults are unaware how many pensions they have and risk paying more in fees than necessary, according to new research by Scottish Widows

A third of over-40s homeowners plan to work beyond state pension age

Almost one in three (31%) UK homeowners over the age of 40 who are not yet retired are intending to work beyond their state pension age, according to new research from Canada Life

HMRC confirms draft legislation around minimum pension age increase

Draft legislation has been issued by HMRC around the increase in the minimum pension age from 55 to 57

Earnings growth rise could pressure Chancellor on triple lock pledge

An increase in earnings growth across the UK could “pile pressure” on Chancellor Rishi Sunak when considering the costs of maintaining the government’s Manifesto commitment to the state pension triple lock, Aegon has warned

£2.25m bridging loan secured by Hope Capital

Specialist short-term lender, Hope Capital, has secured a £2.25m bridging loan for a client who owned a residential terraced property in London

Four out of five landlords plan on keeping BTL portfolio, study finds

Just one in five landlords (19%) are planning to to offload their buy-to-let (BTL) portfolio in the next five years, new research by Sequre Property Investment has revealed

Starling Bank acquires Fleet Mortgages in £50m deal

Fleet Mortgages has been acquired by Starling Bank in a £50m cash and share deal

MFS completes large bridging loan for complex shopping centre deal

Market Financial Solutions (MFS) has completed a large bridging loan which enabled a client to complete a complex shopping centre purchase

Dudley Building Society opts for Whistlebrook to provide accounting package

Dudley Building Society has partnered with the provider of back office systems to the financial services sector, Whistlebrook

Smart Money People partners with fintech Life Moments

Smart Money People has announced a new partnership with fintech firm, Life Moments, in a move that will offer Smart Money People’s clients exclusive access to its insights on the mortgage market

Legal & General Home Finance launches later life mortgages portal

Legal & General Home Finance (LGHF) has announced the launch of a new later life mortgages portal

Smartr365 platform hits 2,000 users

End-to-end mortgage and protection platform, Smartr365, has announced that it has just reached the milestone of 2,000 users

L&G Home Finance extends Santander partnership

Legal & General Home Finance has extended its five-year partnership with Santander UK to help the bank’s mortgage customers with later life mortgage options

Alternative Bridging Corporation cuts 70% LTV rate to 0.60%

Alternative Bridging Corporation has cut the rate on its bridging loans up to 70% LTV down to 0.60%

SimplyBiz Mortgages partners with Castle Trust Bank

SimplyBiz Mortgages has announced the addition of Castle Trust Bank to its panel

Gateway Surveyors partners with CoreLogic UK

Gateway Surveyors has announced that it has established a new partnership with software company, CoreLogic UK

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