It may come as a surprise to know that lifetime mortgages are definitely not a last resort product for the needy or those who have not planned for retirement.
On the contrary, it’s the financially astute and savvy retirees out there with above-average property wealth and a history of purchasing financial products. They see their property as part of their wealth portfolio, like their savings and pension are. Those people buying lifetime mortgages are acutely aware of their property wealth and want a way to access a portion of it.
The average UK home increased in value by 11% between 2013-2014. In the same period, the average retirement income increased by only 3.27%. Recent research by KPMG predicted the UK average property size should be £900,000 by 2034.
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