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The best lifetime mortgage rates available during July 2021
Derin Clark

Derin Clark

Online Reporter
Published: 28/07/2021

July has seen the lifetime mortgage market continue to offer highly competitive rates, with some of the most competitive rates lower when compared with those available in June. This is good news for homeowners looking to release equity in their home, however, those considering equity release should keep in mind that it has a long term impact on finances and they should speak to an independent financial adviser to ensure it is the best option for their circumstances.

The plans highlighted below are not endorsed by Moneyfacts.co.uk but have been chosen as they offer competitive rates for the scenario that we have selected. It should be noted that other plans are available that offer similar competitive rates but may offer incentives, such as cashback, that suit the borrower’s needs better – as such borrowers should speak to an equity release broker who will be able to select the best plans for individual requirements.

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How to help your grandchildren save for a house deposit

It has become common for aspiring homeowners to turn to the bank of mum and dad to realise their dream of owning their first home, but for some, grandparents can also have the assets to help them get onto the property ladder.

In fact, grandparents may have more resources at their disposal than parents that can be used to help the younger generation to buy their first home. Here we’ve looked at some of the most common options available to grandparents wanting to help their grandchildren onto the property ladder.

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Should you take equity release now while rates are low?

Over the last five years equity release rates have consistently fallen and last month borrowers with a minimum 30% loan-to-value (LTV) could get rates from as low as 3.03%. As rates are so low at the moment, it makes it a tempting time for homeowners looking to unlock some money built up within their homes through equity release. Homeowners considering this, however, should carefully consider all their options before taking equity release and speak to an independent financial adviser before making a decision.

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The best lifetime mortgage rates available during June 2021

Comparing some of the most competitive lifetime mortgage rates month-on-month reveals that a number of rates have fallen during June. This, combined with rising house prices, makes equity release highly attractive to homeowners aged over the age of 55 looking to release equity from their home. Saying this, equity release still has a long-term impact on finances, especially on the inheritance the borrower leaves to loved ones, and as a result those considering equity release should speak to an independent financial advisor first to make sure it is the right decision for their personal circumstances.

The plans highlighted below are not endorsed by Moneyfacts.co.uk but have been chosen as they offer competitive rates for the scenario that we have selected. It should be noted that other plans are available that offer similar competitive rates but may offer incentives, such as cashback, that suit the borrower’s needs better – as such borrowers should speak to an equity release broker who will be able to select the best plans for individual requirements.

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Should you increase mortgage repayments or your pension contribution?

Whether it is getting a pay rise or paying off ,a long-term debt, getting a little bit extra each month can be a great boost to personal finances. Although it can be tempting to spend the extra money, homeowners who already have an emergency fund saved may want to think about the long-term and consider putting the extra money towards securing their future instead.

For homeowners thinking ahead, often the choice is between using the extra money to pay off their mortgage early or boosting their pension contributions. Although choosing which is the best option, Kellands, an independent financial adviser company, said: “A starting point, is to align your mortgage term to your preferred retirement date, ensuring you do not carry debt on your main residence into retirement. Beyond this, allocating further income or savings to tax-efficient investment can make sense. The consideration is to balance a known interest cost of a mortgage, against the unknown and variable, but potentially higher return available from investing. Valuable tax allowances, particularly those offered through pensions and ISAs can help sway the argument. The consideration tends to be a personal one, factoring your wider financial position, and views on risk and towards debt in general.”

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Recent News

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How much do you need in your retirement pot to retire well?

2nd June 2021

A survey of 7,000 retirees by consumer organisation Which? estimates those looking for a comfortable retirement need a pension pot of between £192,000 and £305,000 depending on whether they use pension drawdown or an annuity. In terms of income this equates to £19,000 per year to live comfortably when retired.

A survey of 7,000 retirees estimates those looking for a comfortable retirement need a pension pot of between £192,000 and £305,000

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The best lifetime mortgage rates available during May 2021

27th May 2021

As house prices continue to rise, homeowners over the age of 55 may be considering unlocking some of the equity they have built up in their home through equity release

As house prices continue to rise, homeowners over the age of 55 may be considering

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Rising house prices – should I use equity release?

27th May 2021

The stamp duty holiday combined with many homeowners realising a need for more living space, has resulted in a booming housing market

The stamp duty holiday combined with many homeowners realising a need for more living space, has resulted in a booming housing market

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Will the Lifetime Allowance impact your pension savings?

25th May 2021

In the spring budget, the Government froze the Lifetime Allowance on pensions until the 2025/26 tax year

In the spring budget, the Government froze the Lifetime Allowance on pensions until the 2025/26 tax year

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Most Popular Retirement News

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How to help your grandchildren save for a house deposit

22nd July 2021

It has become common for aspiring homeowners to turn to the bank of mum and dad to realise their dream of owning their first home

It has become common for aspiring homeowners to turn to the bank of mum and dad to realise their dream of owning their first home

Read More
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Pensioners need a £33,000 a year income to enjoy a comfortable retirement

17th October 2019

In order for workers to enjoy a comfortable retirement that includes holidays abroad, a generous clothing allowance and a car they will need to have saved enough for a £33,000 per year income

In order for workers to enjoy a comfortable retirement they will need to have saved enough for a £33,000 per year income

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The best lifetime mortgage rates available during July 2021

28th July 2021

July has seen the lifetime mortgage market continue to offer highly competitive rates, with some of the most competitive rates lower when compared with those available in June

July has seen the lifetime mortgage market continue to offer highly competitive rates,

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Will the Lifetime Allowance impact your pension savings?

25th May 2021

In the spring budget, the Government froze the Lifetime Allowance on pensions until the 2025/26 tax year

In the spring budget, the Government froze the Lifetime Allowance on pensions until the 2025/26 tax year

Read More

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