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EQUITY Release continues to grow in popularity thanks to the trust put in professional providers like Viva Retirement Solutions.

In the past year Equity release customers made 190,374 penalty-free repayments in 2022, up 48% from 2021, saving them £116m in future by reducing compound interest

The number of voluntar y penalty-free par tial repayments made by equity release customers grew by 48% last year, according to the Equity Release Council’s latest repor t

More than 90,000 borrowers reduced their loans by £102m in 2022 by making 190,374 par tial repayments throughout the year, 48% more than were made in 2021.

By reducing their loans in this way, these customers stand to save a fur ther £116m in future interest costs over the next 20 years.

Making voluntar y penalty-free par t repayments was made a compulsor y feature for all products that meet Equity Release Council standards from 28 March last year

The repor t also shows equity release activity reached record levels in the secod half of 2022, despite the after-effects of the mini-Budget in September prompting a slowdown in the four th quar ter

Since then, product pricing has fallen gradually over the last five months to an average of 6.23% at the star t of April 2023, with adver tised rates as low as 5 52%

Product numbers have edged back towards 200, although maximum loan to values have been tightened from 47.0% in August 2022 to 38.7% in April 2023.

David Burrowes, chair of the Equity Release Council, commented: “Modern equity release is an incredibly versatile product. People can choose whether they want to make repayments without fear of losing their homes, and since this feature was embedded into Equity Release Council standards, we have seen people’s usage grow and their interest savings add up.

“By making modest repayments when they can afford to, customers can benefit from their proper ty wealth in the here-and-now while reducing their overall borrowing costs by tens of thousands of pounds."

“A nation where so many pensioners struggle to afford a moderate standard of living simply cannot ignore the potential for proper ty to help bridge the gap

“Equity release could make a decade of difference or more to someone whose pension income might otherwise only cover a basic lifestyle "

“The option of turning proper ty wealth into pounds in their pocket has never been more impor tant for consumers and our ageing society.

“As the market recovers from the economic shocks of late 2022, it is vital that people consider the role of their homes in covering the costs of later life ”

Paul Saroya of Equity Release provider Viva Retirement Solutions said firstly they go to great lengths to fully discuss alternative options with potential clients, so that they can make a fully informed decision.

“It may be that downsizing or using existing assets is the best initial course of action This way a Lifetime Mor tgage may not be needed at all, and if it is, then the amount required could be minimal,” he said.

“If a Lifetime Mor tgage is best, we then sit with clients and fully explain what impact not making any kind of ongoing payments will have on their future legacy

“We are able to show what differences even small amounts of repayments will make and then come to a happy compromise with clients before they apply for anything so that they are happy before , during and after their plans have finished.

It is always vital that you talk to a qualified equity release adviser, preferably registered with the Equity Release Council like Viva Retirement Solutions, but it's impor tant to understand the benefits and risks.

If you would like to find out more about Viva Retirement Solutions award winning approach to releasing equity from your home , please contact us today.

Equity release is not right for everyone and may reduce the value of your estate. Viva charge an Advice Fee after any completion of £750, typically in the market most companies will charge you £1,695 for this Call free on 0808 109 8751

Thousands Protest Against Mafia Killers

TWO months after the arrest of Italy’s most-wanted mob boss shone a spotlight on the mafia, more than 50,000 people marched last month in Milan to remember their victims.

“It hs been 28 years and we are still searching for the truth,” said Paolo Marcone, 50, whose father was killed in 1995 by the mafia in Foggia, in Italy’s southeastern region of Puglia

Francesco Marcone, a local official, had just returned home from work when he was shot in the back. The family believes he discovered something that he should not have, but “sadly the truth has not come out”.

Police estimated the size of the crowd at 50,000 in Milan where, at the foot of the Duomo, a white sheet was laid out bearing the names of 1,069 victims. The Foggia mafia is considered Italy’s newest and most violent organised crime syndicate.