Equity Release Centre News

Personal insolvencies on the rise

Fri, 07 May 2010 03:30:03 GMT

07-05-2010

Personal insolvencies on the rise

There were 35,682 individual insolvencies in England and Wales in the first quarter of 2010. This was an increase of 17.9% on the same period a year ago, show first quarter statistics published today by the Insolvency Service

INDIVIDUAL INSOLVENCIES

This was made up of 18,256 bankruptcies (which were down 10.7% on the corresponding quarter of the previous year), 11,782 Individual Voluntary Arrangements (IVAs), (which were up 20.1% on the corresponding quarter of the previous year) and 5,644 Debt Relief Orders (DROs).

Steven Law President of R3, the insolvency trade body, comments:

"Today's increase in personal insolvency is as expected as the debt hangover filters through to official insolvency statistics and unemployment increases. However, there remains something of a 'debt iceberg' with many more people in unrecorded Debt Management Plans which are not included in today's statistics. According to estimates by R3 this could amount to 500,000 people, more than double the number in formal insolvency procedures.

"Below them, under the waterline are another 574,000 who are struggling financially but have contacted their creditors informally. More worrying are another group further down comprising of 961,000 individuals who are struggling with debts but have not sought help. This group could find themselves in formal insolvency procedures unless they take swift action."

Source: Debt Introducer.com 7th May 2010

Keith Hargraves Principal of The Equity Release Centre commenting on these figures says, "These figures come as no surprise as we are witnessing an increase in the increase in the number of calls we are receiving from retired parents enquiring about releasing equity to help their children out of debt problems".

If you have children who are struggling and would like to help them but haven't the money, could equity release be a solution? Why not call us on FREEPHONE 0800 970 4883 to find out.

The Equity Release Centre, experts on equity release schemes.

"Equity release" refer to home reversions plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.

House price forecasts show continued rise

Tue, 04 May 2010 12:05:41 GMT

03-05-2010

House price forecasts show continued rise

The Centre for Economics and Business Research (cebr) said a combination of low mortgage rates and a shortage of new homes being built would push up house prices by 5.3% during the year to average £172,500.

It then expects lower price growth of 3.4% during 2011, followed by a strong rise of 9% in 2012.

Source; Daily Telegraph 03-05-2010

"On the back of the recent Nationwides Building Society's report that house prices have risen by 10.5% in the last 12 months this forecast, especially the point about lack of housing, supports the view that peoples homes are not only recovering but could be continue to increase in value. This is especially reassuring for people considering roll up lifetime mortgages" says Keith Hargraves Principal of The Equity Release Centre.

The Equity Release Centre - expert advisers on lifetime mortgages.

"Equity release" refers to home reversions plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.

House Price Inflation reaches double digits

Tue, 04 May 2010 12:49:25 GMT

29-04-2010

House price inflation reaches double digits

According to Nationwide Building Society latest house price survey released today ..

“The price of a typical UK property rose by a seasonally adjusted 1.0% month-on-month (m/m) in April, leaving house prices 10.5% higher than a year earlier".

“April’s figures show the first double-digit annual growth in UK house prices since June 2007".

"April’s figures leave UK house prices exactly 10% below the October 2007 peak".

Source: Nationwide house price index April 2010

Commenting on this Keith Hargraves -Principal of the Equity Release Centre said,

"It is pleasing to see that house prices are recovering and should help homeowners feel more comfortable".

The Equity Release Centre experts in lifetime mortgages

"Equity release" refers to home reversions plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.

Equity release offers another option for social care

Tue, 04 May 2010 12:30:56 GMT

30-4-2010

Equity release offers another option for social care

Responding to Health Secretary’s white paper on Social Care, Andrea Rozario Director General of SHIP, the equity release trade body, stated that whilst they welcomed the white paper "...equity release also offers another option for social care, and widens the range of choices available for domiciliary care. Most importantly it allows people to remain in their homes at a time when they need to feel safe and reassured, without the emotional upheaval of having to sell a home that many have lived in for years".

“Between them the country’s over-65s currently share £907* billion worth of equity in their homes, yet some of these will be unaware that equity release could be used to fund domiciliary care. The Government should consider all retirement funding options, and raise awareness of equity release within these. Whilst we welcome the white paper we urge all political parties, in the run up to the election, to consider equity release as a viable mainstream option for retirees and to raise the general public’s awareness to it.”

Source: Safe Home Income Plan press release 30-4-2010

The Equity Release Centre experts in equity release schemes

"Equity release" refers to home reversions plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration.