Latest news with #SusanAllen
Glasgow Times
27-05-2025
- Business
- Glasgow Times
UK partnership helped more than 100 people in Glasgow
The collaboration between Citizens Advice and Yorkshire Building Society has helped provide free impartial advice on a wide range of issues including impartial advice on a wide range of financial and social issues. Since July 2023, the Yorkshire Building Society branch on Gordon Street has hosted a Citizens Advice adviser two days a week, providing confidential, hour-long appointments to those seeking support. The initiative is part of a broader UK-wide programme that has supported more than 11,900 individuals and unlocked an estimated £6.5 million in additional income for those accessing the service since its launch. Read more: Cake competition celebrates Glasgow's 850th birthday Susan Allen, chief executive of Yorkshire Building Society, said: "We are incredibly proud of the positive impact this service has had on thousands of people across the UK including over a hundred in Glasgow. "Through this partnership, we've made impartial and independent advice from Citizens Advice more accessible in our communities, making a real impact on the lives of thousands of people nationwide." The service offers support for a wide range of issues, including welfare benefits, debt, housing, and legal challenges. Alana Forsyth, chief executive from Glasgow North West Citizens Advice Bureau, added: "For the people we help, the cost-of-living challenges are still here. "We see people come to us for advice on a wide range of issues, from housing to employment, and welfare and benefits, to name just a few. "Our partnership with Yorkshire Building Society is crucial in bolstering the support we're able to offer to those in need within our local communities, by providing greater access to our advisers in the heart of Glasgow." Read more: 'Rich and eclectic' choir concert in Glasgow to host world premiere of new work Launched as a pilot in 2021 across six branches, the partnership's success and high demand led to its expansion. It now operates in over 40 per cent of Yorkshire Building Society's branches, delivering a direct and meaningful impact within communities across the UK. For more information or to book an appointment, visit the Yorkshire Building Society website.
Yahoo
28-04-2025
- Business
- Yahoo
Here's How Much Each Generation Is Tapping Into Home Equity — but Should They Be?
Tapping into your home equity is a pretty straightforward way to access cash that might otherwise be hard to come by, and a recent Experian study reveals that more homeowners across generations are turning to home equity lines of credit (HELOCs). That said, even though tapping into the wealth you've accumulated in your home is better than incurring expensive credit card debt, it still comes with some risks that you should know about. Be Aware: Explore More: Here's a quick breakdown of how each generation is using home equity and whether it makes financial sense for you. According to Experian's recent survey, HELOC debt nationwide went up by 7.2% in 2024 — the third straight year of increases. But some generations are tapping into their home equity more aggressively than others. Millennials' and Gen X's HELOC balances both grew by 8.2% in 2024, and both generations' average balances exceeded $50,000. Gen Z borrowers have lower balances, around $40,539 on average, which makes sense given their newer entry into the housing market and limited home equity. Baby boomers and the Silent Generation have seen more modest increases in their HELOC usage at 3.7% and 1.1%, respectively, likely because many are nearing or already in retirement and are less inclined to take on new debt. Find Out: One reason for the spike is today's interest rate environment. 'HELOCs tend to be popular in times like now when prevailing interest rates are higher than a homeowner's first mortgage rate,' according to Experian's Susan Allen. So with mortgage rates hovering around 7%, naturally, fewer homeowners will want to refinance and risk giving up their locked-in low rates. Instead, they're using HELOCs to borrow against their home equity without disturbing their existing mortgage. HELOCs also offer more flexibility than home equity loans since you can draw only what you need and just make interest-only payments during the draw period. HELOCs aren't right for everyone. Here's what to consider before taking out a home equity line of credit. HELOCs often come with a draw period (usually five to 10 years) where you can borrow money and make interest-only payments. After that, you enter the repayment phase, which can significantly increase your monthly payments. So ask yourself: Can you comfortably afford those future payments, especially if rates rise? Most HELOCs have variable interest rates. That means your rate, and your monthly payment, could go up with market changes. If you're on a tight budget, this uncertainty could make it hard to manage long term. Using a HELOC to fund value-adding projects like home renovations can make financial sense. But using it for things like vacations or ongoing living expenses could put you on shaky ground. Treat it as an investment tool, not a shortcut for lifestyle inflation. Make sure you're not borrowing too much against your property. If home values drop, you could owe more than your home is worth, which can be a risky position to be in if you need to sell or refinance later. Just because you can tap into your home equity doesn't mean it's always a good idea. Though borrowing against your home often comes with lower interest rates compared with credit cards or personal loans, you could risk foreclosure if you can't keep up with payments. Plus, many HELOCs come with variable interest rates, which means your payments can rise unexpectedly as rates go up. And in the case of a declining housing market, homeowners who over-leverage could find themselves underwater. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Sources Experian, 'HELOC Balances Surpass $45,000 in 2024.' This article originally appeared on Here's How Much Each Generation Is Tapping Into Home Equity — but Should They Be? Sign in to access your portfolio
Yahoo
26-02-2025
- Business
- Yahoo
Experian Recognized as 2025 Tech100 Mortgage Leader by HousingWire
Award highlights Experian's industry-first solution for soft inquiry credit reports in mortgage applications COSTA MESA, Calif., February 26, 2025--(BUSINESS WIRE)--Experian®, the global data and technology leader, today announced it has been recognized as a 2025 HousingWire Tech100 Mortgage award winner. The recognition highlights Experian's innovative Power Profile Plus™ for Mortgage product — an industry-first solution that allows lenders to access Experian's full credit report as a soft inquiry on an initial mortgage application. Experian's solution provides full, up-to-date credit insight from an initial extension of credit soft inquiry, which can help determine if a borrower is qualified without any negative impact to an applicant's credit profile. At the same time, Experian's solution gives lenders the opportunity to offer suitable terms to the borrower without paying for a full tri-merge report. "This recognition exemplifies our commitment to provide the industry with innovative solutions to reduce lender costs and meet the needs of today's homebuyers," said Susan Allen, Chief Product Officer for Experian Housing. "Our solution has already had a sizable impact on the mortgage industry, providing lenders with the information needed to determine borrower eligibility without any unnecessary impact to an applicant's credit history." For the past 13 years, the Tech100 program has provided housing professionals with a definitive list of the most forward-thinking organizations in the industry. This list serves as a valuable resource for mortgage lenders and real estate professionals seeking trusted partners and technology solutions to address industry challenges. "The 2025 Tech100 honorees are driving real transformation in mortgage and real estate," said Sarah Wheeler, Editor-in-Chief at HousingWire. "These companies are not just enhancing processes — they're redefining what's possible. From streamlining lending operations to elevating the real estate experience, their innovations are paving the way for a more efficient and dynamic housing market." For more information about Experian's mortgage business or its Power Profile Plus solution, please visit About Experian Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money. We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at View source version on Contacts Amanda GarofaloExperian Public Relations1 714 460 Sign in to access your portfolio
