Home Equity Release – Lifetime Mortgage Report – Spring 2019 – Part 1

What is the average amount borrowed on Lifetime Mortgages?

Every quarter the Home Equity Release Council release their latest industry figures, with the aim to raise the profile of Lifetime Mortgages. Over the last decade they have worked very hard to improve the standards of the products and financial advice standards available to consumers.

This week they released their “Spring 2019 Report” that confirmed the average amount being borrowed by consumers as Lump Sum Lifetime Mortgages, is now an average £93,966, with the amount that people are borrowing on a Drawdown Lifetime Mortgage now being £64,389 (Initial Installment).

These figures in themselves are not surprising, as they have remained fairly stable over the last few years. One of the more remarkable statistics the Home Equity Release Council released recently, was in Quarter Four 2018 the end of year overall lending figure was £3.94 billion.

That figure is far more remarkable in my opinion, especially considering all the adverse publicity that Lifetime Mortgages received towards the beginning of the decade. In fact over the last four years, the overall Lifetime Mortgage lending figure has grown by 268% from £1.07 Billion in Quarter Four 2013.

If the Lifetime Mortgage market was to grow gain by the same amount over the next four years that would equate to £14.49 Billion of borrowing. Now that is a huge figure, but what is perhaps a more believable figure is maybe the 2018 end of year figure doubling to around £8 Billion in the next five years.

My main reason for raising this point is that Lifetime Mortgages are the type of financial product that consumers are likely to need in uncertain economic times. Especially as they make key life changing decisions like taking retirement from work, utilising pensions, repaying mortgages and repaying debts.

Whatever your views on Lifetime Mortgages, they are most definately here to stay and as more products become available in the market, they will need to pay attention to product features and interest rates. Be sure to see Part 2 of this feature, focused on the average interest rates being charged for consumers from the Spring Report.

If you’re looking for the best Lifetime Mortgage products then the Lifetime Mortgage Expert will be able to help. We arrange Lifetime Mortgages with a proposition of “Qualified Advice, Zero Broker Fee”, which means you will save £1210* on average against the broker fees being charged.

Free Quick Guide Brochure

Lifetime Mortgage Expert offer a “Quick Guide To Lifetime Mortgages”, that provides all the relevant information you need free in a convenient PDF download. This document is not thirty pages of hard sell, it’s three pages of directly relevant information, containing all the essential things you need to know about Lifetime Mortgages.

Most importantly we make this download available to you, without you needing to give us any personal details up front, including your property value, address, phone number and email. There are many places you can try and get a free guide to Lifetime Mortgages, but most will want your personal details, so they can then keep phoning you and trying to sell their services and products to you.

Our policy is very different, we make our “Quick Guide” available free of charge, without collecting your personal data. When you are ready to proceed, we then ask you to call us to talk about your requirements. We will even make time to speak with you for around 15 minutes free of charge without any further commitment at that stage.

When we say our Quick Guide to Lifetime Mortgages is Free, we actually do mean FREE! See our other real life examples further down in this blog to read more about the types of Lifetime Mortgages available and the scenarios they can be used.

If you would like to download our Free Quick Guide To Lifetime Mortgages then visit www.lifetimemortgage.expert The Lifetime Mortgage Expert, Chris Morgan can also be reached by email at enquiries@lifetimemortgage.expert

Chris Morgan’s full Biography can be read here …

Here is also a direct link to the Free Quick Guide …http://www.lifetimemortgage.expert/assets/Lifetime_Mortgage%20_Expert_Guide.pdf

*Please Note: 

Lifetime Mortgage Expert is a Trading Style of Unusual Mortgages who are authorised and regulated by the Financial Conduct Authority. Registration number 497173. We do not charge a broker fee for Lifetime Mortgages (without ongoing monthly payments) where the initial lump sum withdrawal is £50,000 or more (this is not including cash reserve) instead we receive a commission from the mortgage lender.

If you wish to draw less than £50,000 we may charge a small fee to ensure a minimum total earning of £995. Please contact us for a specific quotation. In the Lifetime Mortgage Survey 2019, the average broker fee being charged by a financial adviser for arranging a lifetime mortgage was £1210 and the largest fee charged was £2395.

This entry was posted in Fees Free Mortgage Advice, Free Financial Advice, Interest Only Mortgage, Interst Only Mortgages, Lifetime Mortgages, Qualified Advice, Retirement Mortgages, Uncategorised, Zero Broker Fee and tagged , , , , , , , . Bookmark the permalink.
  • Lifetime Mortgages

    “Qualified Advice, Zero Broker Fee”

    Unusual Mortgages are Independent Mortgage Advisers who specialise in Lifetime Mortgages, Retirement Mortgages and Regulated Equity Release for over 55’s. Our resident “Lifetime Mortgage Expert” is Chris Morgan who has 30 years experience in Banking, Finance and Mortgage Advice. You can read his career biography at the link below this column. We have agencies with all the major lifetime mortgage providers and are able to provide Independent advice from the Whole of the market.

    Products …

    The concept of Lifetime Mortgages, Retirement Mortgages and Regulated Equity Release for over 55’s has grown massively over the last 20 years. It is very true that the initial products that were released into the market received poor press and were not popular. However, in more recent times these products have become highly regulated, with product providers having to meet industry standards and provide certain assurances and guarantees over negative equity – we think this is a very good thing.

    Qualications …

    Financial Advisers also have to pass a higher level qualification to be able to arrange Lifetime Mortgages, Retirement Mortgages and Regulated Equity Release. However, we have noticed that consumers have been left with a difficult choice between “chicken farm” financial advice by companies offering these products in huge volume, or local financial advisers who rarely are asked for advice in this area. Your alternative is to approach Chris Morgan, the UK’s leading Lifetime Mortgage Expert, who specialises in mortgage products for people over 55 without charging a broker fee*.

    Fees …

    He offers highly experienced “Qualified Advice, Zero Broker Fee”, which means those drawing £50,000 or more are likely to save themselves an average of £1210* in brokers fees. Instead of offering you a free pen, calculator or shopping vouchers with your quotation, we offer you enough of a saving on your advice fees advice fees equivalent to a weekend break away? Chris is always interested to hear which destination you would choose with the money you will save?

    *Please Note: 

    Lifetime Mortgage Expert is a Trading Style of Unusual Mortgages who are authorised and regulated by the Financial Conduct Authority. Registration number 497173. We do not charge a broker fee for Lifetime Mortgages (without ongoing monthly payments) where the initial lump sum withdrawal is £50,000 or more (this is not including cash reserve) instead we receive a commission from the mortgage lender.

    If you wish to draw less than £50,000 we may charge a small fee to ensure a minimum total earning of £995. Please contact us for a specific quotation. In the Lifetime Mortgage Survey 2019, the average broker fee being charged by a financial adviser for arranging a lifetime mortgage was £1210 and the largest fee charged was £2395

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