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One in seven retirees suffer mortgage crisis

One in seven retirees is suffering from a mortgage crisis as rising interest rates put pressure on fixed retirement incomes.

Fourteen per cent of over 65s are weighed down by mortgages that have run into their retirement, according to a report by Key Retirement Solutions.

For those entering retirement with an outstanding mortgage, monthly repayments on an average mortgage of £32,000 are likely to be approximately £344, an annual expense of £4,128 when the average income for pensioners is currently £14,600 per year.

KRS says many retirees could benefit from considering equity release to not only erase their existing mortgage debt, but to also have the opportunity to take a cash lump sum.


Friends is first with online IP applications

Friends Provident is the first provider to deliver an online income-protection application which it hopes will boost IP business which has fallen by 12 per cent in total, according to Swiss Re&#39s 2004 protection report. Advisers can submit customer applications via the internet and track an application. The application does not require a signature and […]

MGM receives MTA

MGM Home Finance has announced that it has received its minded to approve letter from the FSA.

Wesleyan wins strength test as free assets rise

Free assets of with-profits companies rose from an average 4.7 per cent of total funds at the end of 2002 to 6.4 per cent last year under the new realistic reporting regime, according to research by consultantcy Ernst & Young. This is the first increase in free assets since 1999. The free assets of the […]

NU wants FSA clarity on orphan assets

Norwich Union has called on the FSA to clarify its position on the procedure for reattribution as it considers sharing the £4.3bn orphan assets in its huge with-profits fund. NU UK life chief executive Gary Withers wants the FSA to spell out its vision of a fair procedure for reattribution, which he says would be […]

Managing customers in drawdown

By Lorna Blyth, Investment Marketing Manager Delivering a decent drawdown review process takes time and resources. This article looks at how you can manage drawdown clients in a more cost-effective way. Most advisers are seeing an increase in drawdown clients following pension freedoms. Often these are clients with lower fund sizes, which means advisers are […]


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