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13/12/2012
Inheritance Windfalls Decline
Recent figures show that fewer parents and grandparents are leaving large sums to their families as they borrow against their homes to pay off debts, address care fees, and make up pension shortfalls.
The figures also showed a continuation of the trend for parents to re-mortgage their already-paid-for homes to help their children with a deposit for their own house purchase.
UK-based financial specialists Remortgage.com note that twenty-year mortgages are now being offered to customers as old as 60, as more people unlock the equity in their homes to pay for long-term necessities rather than leave large cash sums in their wills. With longer life expectancy and more people working past retirement age, the capacity certainly exists to ensure mortgage repayments are made.
"Lenders have certainly been catering for the older re-mortgage market" said Richard Cotton, mortgage specialist from Remortgage.com. "It's not unusual to hear of deals being made for 60-year-old customers, and people are still comfortably making payments at the age of 80."
"It's the ultimate in 'can't take it with you', especially when well-laid plans for the future haven't quite worked out, or if family members need a leg-up onto the property market," said Mr Cotton. "The trend's been there in the past, but now older people appear to be re-mortgaging simply for the peace-of-mind of a financially secure old age.
"Some people think this is a potential time bomb of bad mortgage debt, but as long as both the home owner and the lender are confident they can repay the loan, it's not a great risk."
Mr Cotton continued: "We're now seeing the post-war boom generation reaching retirement age. They're used to security, and they're handing it down to younger generations. Remortgage.com exists to help home owners make the right decision."
(GK)
The figures also showed a continuation of the trend for parents to re-mortgage their already-paid-for homes to help their children with a deposit for their own house purchase.
UK-based financial specialists Remortgage.com note that twenty-year mortgages are now being offered to customers as old as 60, as more people unlock the equity in their homes to pay for long-term necessities rather than leave large cash sums in their wills. With longer life expectancy and more people working past retirement age, the capacity certainly exists to ensure mortgage repayments are made.
"Lenders have certainly been catering for the older re-mortgage market" said Richard Cotton, mortgage specialist from Remortgage.com. "It's not unusual to hear of deals being made for 60-year-old customers, and people are still comfortably making payments at the age of 80."
"It's the ultimate in 'can't take it with you', especially when well-laid plans for the future haven't quite worked out, or if family members need a leg-up onto the property market," said Mr Cotton. "The trend's been there in the past, but now older people appear to be re-mortgaging simply for the peace-of-mind of a financially secure old age.
"Some people think this is a potential time bomb of bad mortgage debt, but as long as both the home owner and the lender are confident they can repay the loan, it's not a great risk."
Mr Cotton continued: "We're now seeing the post-war boom generation reaching retirement age. They're used to security, and they're handing it down to younger generations. Remortgage.com exists to help home owners make the right decision."
(GK)
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Northern Ireland WeatherToday:A dry day with any low cloud and mist clearing during the morning leaving long spells of warm sunshine. Breezy at times around the coast. Maximum temperature 20 °C.Tonight:A fine end to the day with some sunshine, then clear spells overnight. Low cloud could form around some Irish Sea coasts later in the night. Minimum temperature 8 °C.
