- Written by John J Bloomfield
Last year the BBC reported that the age of an average first-time property buyer was now between 27-34 depending on where in the country you happen to live. It's not that surprising that the age has been creeping up over that last couple of decades as house prices have increased exponentially and wages haven't it has become harder and harder for first-time buyers to raise that essential deposit.
Traditionally equity release or lifetime mortgages have been marketed as a way for retirees to release equity from the property to fund a more luxurious lifestyle but of course, the funds can be used for almost any legal reason. Many people who would qualify for a lifetime mortgage are reluctant to do so because they feel that they would be 'taking away' the families inheritance.