Equity release by parents reducing inheritances

New figures suggest that an increase in equity release among older property owners is resulting in fewer and smaller inheritances.

The statistics produced by Remortgage.com point to the availability of mortgages to borrowers as old as 60, and suggest that inheritances are diminishing as parents and grandparents remortgage their homes to pay off debts, make up pension shortfalls, address care fees, or to help a family member with a deposit for a house purchase.

Increased life expectancy and a longer working life has opened up mortgages to an older generation of borrowers over past years, with some loans being paid off by people into their 80s.

If you are considering remortgaging your home, and require a Northern Ireland solicitor to handle the conveyancing process for you, contact on of the property solicitors at Wilson Nesbitt in Belfast by calling 0800 840 9290.