2
Jan
Millions of Brits 'ill-informed over equity release'
Several million British homeowners are unaware who to speak to for
advice on equity release, new data has revealed.
According to a study of UK homeowners nearly one in four said they
would not know whom to consult if they were thinking of releasing
equity from their home.
This is despite the fact that the practice is becoming ever more
common, with 45 per cent of those polled saying they regarded the
practice as a potential way of easing the expense of living later
in life.
Bob Mottershead of Newcastle Building Society’s Equity
Release Service said the findings were a cause for concern given
the importance of seeking advice in such an important financial
decision.
He explained: "Equity release has been the subject of a lot of bad
press, but it is clear that the work that has been done to regulate
and re-educate on equity release is beginning to bear fruit. Add to
this falling interest rates on equity release products and flexible
options and the market is certainly set to grow.
"However, seeking advice and getting a personalised illustration
before committing to an equity release product is absolutely
essential, so it’s quite concerning to see from the research
that so many people don’t know where to go for
guidance."
