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Equity release 'popular among Scots'
Equity release has more than doubled in popularity in Scotland over the last decade, according to Norwich Union.There has been a 141 per cent growth in the number of Scots releasing equity in their homes - and the UK market is set for more growth in the coming years.
Anthony Rafferty, head of marketing at Norwich Union Post Retirement Products, claims that equity release mortgage products are increasingly catering for homeowners "changing needs".
He said: "The last ten years have seen a 141 per cent growth in the Scottish equity release market with £115 million being released through Norwich Union Equity Release alone.
"At whatever age people decide to use equity release the figures show that it has become a mainstream financial product and the future for this market is very bright."
Scots were also found to have one of the highest average ages for making use of equity release at 69, which may suggest that they are better at saving money than other Brits.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2008-12-15 17:50:59 © Moneyextra.com
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Barclays Bank
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Monthly Payment |
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Rate Type |
Total Payable |
| £386.94 | 6.2% | Fixed | £23,216.38 | |
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Representative example: based on a loan of £20000 Representative APR 6.2% Fixed. Total amount repayable £23,216.38 at £386.94 per month for 60 months. |
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| Barclays Bank - Existing Customer Barclayloan Plus | ||||
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Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| HSBC - Existing Customer Personal Loan | ||||
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Monthly Payment |
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Total Payable |
| £419.82 | 9.9% | Fixed | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Find a cheaper offer and Barclays Will Pay the Difference |
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| Nationwide Building Society - Personal Loan | ||||
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Monthly Payment |
Representative APR |
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| £419.82 | 9.9% | Fixed | £25,188.92 | |
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Representative example: based on a loan of £20000 Representative APR 9.9% Fixed. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Advertised rate for main FlexAccount customers only, other options available. |
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| Secured Loans |
| Blemain Finance - Secured Loan | ||||
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Blemain Finance
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Monthly Payment |
Representative APR |
Rate Type |
Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
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Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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Blemain Finance
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Monthly Payment |
Representative APR |
Rate Type |
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| £333.33 | 0.0% | Variable | £20,000.00 | |
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Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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| Blemain Finance - Secured Loan | ||||
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Blemain Finance
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Monthly Payment |
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Total Payable |
| £333.33 | 0.0% | Variable | £20,000.00 | |
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Representative example: based on a loan of £20000 Representative APR 0.0% Variable. Total amount repayable £20,000.00 at £333.33 per month for 60 months. |
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Total Payable |
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Representative example: based on a loan of £20000 Representative APR 9.9% Variable. Total amount repayable £25,188.92 at £419.82 per month for 60 months. Low Rate, Cheap, Secured Homeowner Loan |
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