ABI
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Latest property news
Traffic lights to show homes’ flood risk
The Association of British Insurers (ABI) is urging estate agents and property websites to provide up-front information about flood risk, using a simple traffic-light style mark, as it reveals that fewer than one in three people researched the flood risk of the property before buying their current home. It sounds simple but will it put buyers off before they even view a property with anything less than a ‘green light’? Greg Bryce, Managing Director of SearchFlow, property intelligence specialists, says, “There has been a growing focus within the industry to improve the transparency and quality of information for homebuyers prior to their purchase. With so few buyers investigating flood risk when buying a home, the call from the Association of British Insurers (ABI) for more upfront information on flooding is welcomed. “However, the information proposed by the ABI should not be construed as a definitive risk assessment or unnecessarily deter people from purchasing a property. Regardless of whether flood risk information is made available on property details from the outset, it is recommended that conveyancers conduct specific searches for flood risk, and to arrange for an in-depth assessment by a technical expert if there is any flood risk to the property. “Homebuyers informed of…
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Latest property news
600,000 homeowners to use pensions to pay off mortgage
Over half a million people in the UK intend to use their retirement savings to pay off their mortgage by using either the tax-free 25 per cent lump sum or the entire pension pot, according to specialist insurer Partnership. A survey of 3,000 found one in ten 40 to 70-year-olds – the equivalent of 631,000 adults – plan to use all or part of their pension to help pay down their mortgage debt. Andrew Megson, of Partnership, said that it was concerning that so many people are relying on their pension to pay off their home loan. He commented, “Using their pension may well seem like an option but it is not the only option as working longer, downsizing or considering a lifetime mortgage may be more appropriate.” “Ideally, pension savings should be used to provide an income in retirement, and with the state pension only providing a very basic safety net, making this choice could lead to hardship in later life,” Megson added. Separate figures from the Association of British Insurers (ABI) reveal that pension savers have been withdrawing £27 million a day since the pension freedoms were introduced in April, latest figures from the Association of British Insurers…
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