The recent IMLA report ‘Bridging the gap: developments in later life lending to an ageing population’ suggests that the number of over-65 homeowners has increased by a half in the last 20 years, from 4 million to 6 million. Never have older borrowers had so much power over the property market, and whilst this market is thriving, it is also influenced by several different factors, including increased regulation as consumers increasingly buying for the first time in their late 30s or 40s.
Since the early 1970s, the number of people getting married has steadily decreased, dropping a further 3.4% last year. Nearly 98% of professionals from family justice group Resolution reported working with a cohabiting couple who they were unable to help, and a further 90% said the couples are often surprised to find out about their lack of rights.
Interest rates are now at their highest level since February 2009 when they were cut from 1% to 0.5%. The Bank cut the base rate to 0.25% in August 2016 before raising it back to 0.5% in November 2017. In its meeting, the MPC agreed that the economic dip in the first quarter was temporary, with momentum recovering in Q2.
Clarification from DWP about how pay outs from protection policies will be treated following changes to the Support for Mortgage Interest scheme. Support for Mortgage Interest had previously been paid as a free benefit covering the interest on mortgages for those claiming benefits such as pensions credit, income support and Universal Credit.