A survey by moneyfacts.co.uk shows 77% of consumers would not consider an equity release mortgage, despite figures released by the Bank of England last week suggesting otherwise.The moneyfacts.co.uk survey was conducted online and anyone who visited the website could take part. Of those who did, only 9% were over the age of 60. Dean Mirfin, business development director of Key Retirement Solutions, says: “We usually find the response is positive with over 60 year olds. If this was about an equity release scheme for over 60s it would be a different question and get a different response.” But the results suggest younger generations are not too hopeful of their prospects regarding to equity release. Richard Eagling, editor of Investment Life & Pensions Moneyfacts, says: “With pressure on the retirement income of elderly home owners, it is surprising so many consumers dismiss the idea of an equity release mortgage scheme. This research suggests equity schemes are still suffering from the poor reputation they established in the 1980s and early 1990s.” Adviser avoids online danger to win Sony PSP in Platform competitionStuart Burrows, a financial adviser at Manchester-based Heavenly Finance, is the proud winner of Platform’s Classic Car Chaos competition, after successfully navigating his way through the hazardous online highway game. Burrows skillfully picked his way around runaway sheep, dangerous drivers and flying birds to rack up a top score of 876,087 points and win a coveted Sony PSP. To mark the launch in early July of clickdecision, Platform’s online binding decision facility, Classic Car Chaos was created to welcome financial advisers onto Platform’s updated website. Platform says it has had an excellent response to its online enhancements with over 40,000 online decisions made since launch. Jim Hunter, e-commerce manager at Platform, says: “We are delighted that so many intermediaries have enjoyed playing Classic Car Chaos and that the enhancements to our online facilities are proving successful. “It is good to give intermediaries something to entertain them during breaks – something toward creating a work-life balance.”
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As if we didn’t know, mortgage processing now takes longer and therefore costs more per application than pre-Mortgage Day. The figures from Marlborough Stirling suggest lenders’ costs for processing an application have risen by 69%, from 89.67 to 146.49, over the past 12 months.
Leeds society has helped to organise a varsity day for students from Leeds Metropolitan University and the University of Leeds where the students displayed their talents to the full. The event featured 14 different sports, with teams from both universities competing in athletics, basketball, football, hockey, netball, rugby union, rugby league, squash and tennis.All matches […]
Research undertaken by Mortgages PLC has revealed an increase in the level of non-compliant mortgage advertising taking place this year.A detailed review of advertising in popular consumer mortgage magazines was carried out in both April and September 2005. In April, 24% of all mortgage advertising was found to be non-compliant, with the most common issues […]
Coventry has revamped its intermediary website and introduced a facility that allows brokers to track their own procuration fees. The improved website is designed to offer introducers easy access to the society’s lending policy and products and also features a secure area offering the facility for them to obtain a credit scored application in principle […]
By Rebecca Murphy, relationship manager, LendInvest The construction sector offers enormous potential when considering the implication emerging technologies could have on both existing processes and final results. While the completion of an entirely 3D-printed office block may be ‘sexier’ news than a new smart toolbelt that tracks the wearer’s location on site, each area of development […]
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