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Did you know that equity release and Later Life Lending interest rates are set through slightly different mechanisms to more traditional based borrowing. A large selection of Later Life Lending products are linked to lifetime fixed interest rates and therefore the modelling & investment vehicles used to gain the lender interest rate' is very much different.
The marker used for Later Life lending is typically the FTSE 15 year gilt yield linked to pension funds. That's because most of the money comes from this area.
So, just because the Daily Mail, other media outlets and Martin Lewis quote the bank of England interest rate moving downwards this doesn't mean Later Life lending products will see a huge shift & swing in interest rates over night.
There is somewhat a paralysis created in our world as people chase the wish of golden goose lower interest rates that 'they may miss out on in future'. We are not guaranteed to have low interest rates ever again. The world has changed and whilst I feel Lifetime mortgage interest rates, Retirement mortgage interest rates have a margin to reduce, this isn't going to happen anytime soon.
Some of the lowest interest rates offered in the Later Life Lending product market are currently set at the bank of England base rate amount.
Historically, although we have seen 2% Later Life Lending interest rate offers, 5% was the norm only 10 years ago and there are currently 5% interest rate deals available to our clients now.
The world requires people to move on from covid 19 & other issues, to borrow and spend otherwise every industry is impacted from the shop keeper to the CEO of a large company.
Choosing not to do something due to the loss of a potential 0.5% reduction in interest rates hardly seems the right thing to do:
(a) your not promised the future and
(b) there's always the potential to realign to lower later life lending interest rates when the optimum time arrives 'in the future'. Its like life, nothing is guaranteed....
Don't put off what you want to do, live your life and be free.
Search Equity Release is a trading style of One Stop 4 Equity Release Limited. One Stop 4 Equity Release Limited is authorised and regulated by the Financial Conduct Authority. FCA no: 952887.
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