Research from Prudential reveals 44% of home owners over 55 would consider a lifetime mortgage.This compares with just 18% of the same social group in 2004 and 9% in 2003. When the question is opened up to all age groups, 48% are interested in lifetime mortgages. The fact lifetime mortgages are now regulated makes 31% of people more likely to consider one. Some 47% of the population plan to use their home equity to help fund their retirement and 16% of people think this will form the biggest part of their pension provision. And 12% think home equity will make up half or more of their retirement income. The Pru says advisers share consumer confidence in lifetime mortgages. Since launching the details of its lifetime mortgage along with its accompanying illustration system, it says over 2,500 phone calls from customers and advisers have been logged and illustrations to the tune of tens of millions of pounds been issued. The Prudential property value release plan, at 6.45%, offers flexibility and the option of an increasing LTV as well as potential savings associated with a flexible loan. Ali Crossley, director of lifetime mortgages at Prudential, says: “This has been an exciting year in terms of product development and marketing and I’m delighted our hard work is paying off.” As a special offer to mark the launch, customers who submit application forms before March 31 2006 will not pay for valuation – a potential saving of about 500, depending on the value of the property.
- Top trends
- Top trends
The Chartered Insurance Institute has opposed the Financial Services Authority proposals to remove customer controlled functions from the regulatory regime. The CII emphasises the need to retain direct regulationof individuals dealing with customers. The FSA is arguing for the abolition of customer controlled functions where individuals are dealing with wholesale, i.e. non-private, customers. The FSA […]
There have been several well publicised breakthroughs in treatments and the prevention of cancer recently. One of the most exciting and imminent is the vaccine to target human papillomavirus which increases the risk of suffering cervical cancer.
The Government is failing to protect consumers fully with its Consumer Credit Bill, which begins its second reading in the House of Lords on Monday 24 October, credit information expert checkmyfile.com has warned.The Bill seeks to update the 30-year-old Consumer Credit Act by tackling problems the Government has identified, such as forcing credit providers to […]
There is still room but the extent to which new players are successful will depend on factors such as efficiency and service, say our experts
A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits. By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.
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