Fairness launch gross sales amongst over-60s bounce by 28 per cent
The quantity of housing fairness tapped by the UK’s older owners jumped by 28 per cent to £5.2bn in 2022, in accordance with official figures that underscore issues pensioners are utilizing fairness launch mortgages to cowl rising residing bills “with out correctly understanding the prices”. The worth of lifetime mortgage gross sales — fairness launch loans — among the many over-60s rose from £4.1bn in 2021 to £5.2bn final yr, in accordance with figures from the Monetary Conduct Authority obtained by way of a Freedom of Data request by advisory agency Bowmore Monetary Planning. Inflation stays at double-digit ranges within the UK, whereas rate of interest rises have led to massive will increase within the prices of borrowing. The FCA this week highlighted the difficulties being c...