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Consumers should beware equity release – Which?

Equity release schemes should only be used as a last resort because they can be expensive and inflexible says Consumers&#39 Association publication Which?

A Which? report out this week says interest roll-up loans see the amount outstanding grow quickly and can eat up the value of the property, making it difficult to move.

The report also points to the higher rates for equity release, many of which stand at around 7 per cent, as a reason for caution.

Which? editor Helen Parker: “We advise people considering equity release schemes to view them as a last resort. These ‘lifetime mortgages’ don’t have to be paid off until you die, but while this means you don’t have to worry about paying off the loan now, it can cause problems if your circumstances change, and of course you’ll also have less to leave behind. It is crucial that anybody considering an equity release scheme seeks independent financial advice before committing.”


HBOS throws down challenge to rivals

HBOS has thrown down the gauntlet to rival groups Standard Life and Aviva by stating that it aims to be the UK&#39s number-one seller of pensions, life insurance and other investment products.Group chief executive James Crosby laid down the challenge last week at the publication of HBOS&#39s interim results.Crosby said that the company&#39s distribution and […]

F&C Investment Trust sees 7.6 per cent growth

Foreign & Colonial Investment Trust interim results show net assets have increased by 7.6 per cent from £1,826m to £1,697m and NAV per share has also increased by 7.6 per cent to 192.38p.

Phil Wagstaff

Those who know M&G UK retail managing director Phil Wagstaff are never surprised by his straight-shooting way of looking at the industry. He is never one to jump on industry bandwagons, preferring to use his own gut instinct.So while there is presently a lot of talk about a “bond bubble” about to burst, Wagstaff sees […]

Skandia – Series Six Personal Pension Income Plan &#45 Single Price

Type: Income drawdown plan Minimum premium: Full drawdown £100,000, phased drawdown 5% of personal pension funds of at least £250,000 Minimum-maximum ages: 50-71 Fund links: Choice of 317 funds from Aberdeen, Artemis, Alliance Berstein, Allianz Dresdner, Baring, BlackRock, Britannic, Credit Suisse, DWS, FirstState, Fidelity, Foreign & Colonial, Framlington, Gartmore, Goldman Sachs, Henderson, HSBC, Invesco Perpetual, […]


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