Later life borrowing in a world that's living longer

We asked the London School of Economics to look into how people are using housing wealth in later life. In particular, what types of older people (aged 60+) withdraw equity from their homes? How do they decide between the possible ways of doing so? And how do they use the funds released?

Download our report here.

Remortgaging in later life
LSE remortgaging in later life - Report cover image

You can download our report here

Releasing housing equity – what’s it for?

Our research has highlighted that the older home owners are spending their housing wealth now rather than use their accumulated equity to provide for their future long term care needs.   

The report, ‘Later life borrowing in a world that’s living longer’ shows that older borrowers’ priorities are more immediate, choosing to focus instead on helping family members financially or to support their own needs. These present day concerns include refinancing an existing mortgage, home improvements or helping with grand children’s education, for example.

Housing wealth can only be spent once. Modern day families also have to consider how best to help their children and grandchildren who face their own set of financial pressures while having to plan for the looming issue of old age care and how to fund it. It appears that for the time being at least, their priority is on present day needs and not the future. The long term implications of spending this wealth now are a massive issue with which government must help and create some semblance of order in a currently chaotic policy area. 

Our report makes the need for joined up housing and later life lending and care policies all the more urgent.

We'd like to thank those of you who took the time to help us with this research, as your input was invaluable. 

 

 

Our previous research projects, in conjunction with LSE, include how the Bank of Mum and Dad really works, and the effect Stamp Duty on the housing market and the wider economy. Links to our reports and guides can be found below: 

The Bank of Mum and Dad: How it really works

A tax too far? Monitoring the impact of SDLT

BOMAD LSE report cover image

Our report, The Bank of Mum and Dad: How it really works, explores the extent to which parents and grandparents are using family assets to help their children on the property ladder and what they really think about it.

 

Download the report here.
Stamp Duty July 18 Report Cover

Our report, A Tax too far? Monitoring the impact of SDLT, looks at the effects of Stamp Duty Land Tax (SDLT) on the housing market and the wider economy, and its impact on household behavior.

 

Download the report here.
 

Bank of Mum and Dad
- A Financial Guide

BOMAD_A_Financial_Guide


A simple guide to help families understand
the implications of their financial help and additional planning they may need to take
into account.


Download our guide

Bank of Mum and Dad
- A Legal Guide

BOMAD_A_Conversation_Guide


When providing financial assistance it's important to be aware of the legalities of
such support. This guide highlights some
of the legal implications families may need
to consider.

Download our guide

Bank of Mum and Dad
- A Conversation Guide

BOMAD_A_Conversation_Guide


For both parents and children, this guide highlights important questions and topics
that should be considered when discussing financial support.


Download our guide

How to run the Bank of Mum and Dad

BOMAD_How_to_run


So how does the Bank of Mum and Dad
really work? Our guide outlines important 
issues that parents and children need
to consider for their own financial
protection and peace of mind.

Download our guide

 

For more information on any of our research projects, please speak to your local BDM or our Mortgage Desk or visit our dedicated consumer webpage.

 

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