Mortgage Express finds it's good to talk about lifetime mortgages
www.moneynews.co.uk > Mortgages > Mortgage Express finds it's good to talk about lifetime mortgages
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Money News |
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Mortgage Express finds it's good to talk about lifetime mortgages
Thu 9th Dec 2004
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The research helps address concerns that the lifetime mortgage sector could become embroiled in a similar mis-selling scandal to the one currently affecting endowment mortgages.
Lifetime or equity release mortgages offer older customers either a lump sum or an ongoing payment in return for a percentage of their house on death or when the property is sold. These mortgages do not require a monthly interest repayment.
'We were pleased to find that so many lifetime customers are discussing their decision with family, and their experience is such that the overwhelming majority would recommend these product to family or friends," said Roger Hillier, product development manager at Mortgage Express.
Along with discussing consumers attitudes towards lifetime mortgages, Mortgage Express also looked at how people are using the equity released from their homes.
Three out of five people re-invest some of the money released back into their homes, by making improvements. One in six people (16 per cent) give the money to family members to help them buy a home, while one person in twelve use the money released to pay off an existing mortgage.
'We now have an even clearer picture of the lifetime market. The research confirms that our lifetime mortgages and the processes that support them are working well," said Mr Hillier.
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