November Equity Release News:
November has been rife with equity release research, but three
statistics in particular stand out.
Equity release lending growth is up 11% in quarter three. The
continued growth in people releasing equity from their homes this
year can be attributed to three key factors. First, innovation in
the market has seen new plans specifically designed to relieve
interest-only issues attracted new clients. Second, the formation
of the Equity Release Council has been a major step forward in
ensuring all parties involved in the market work in concert with
one another to raise the profile and standards of equity release.
And lastly, the ongoing squeeze on pensioners' finances has created
a greater need for alternative sources of income.
Recent research from Equity Release Council Member Key
Retirement Solutions emphasises why equity release is a viable
alternative income source.It found the total value of equity tied
up in pensioners' property is now an estimated £756.3 billion.This
means over 65s are sitting on a substantial pot of property equity
which could help to reduce financial woes if accessed via equity
Accordingly, 90% of advisers agree that equity release is
relevant to retirement planning. Increasing innovation and
collaboration in the equity release market, alongside cuts to
government spending and substantial sums of pensioners' money tied
up in property all suggest the popularity of equity release will
continue to grow.Yet only 38% of retirement planning advisers can
provide advice on equity release.A shortage of advisers with
substantial equity release knowledge needs to be addressed, with
46% of intermediaries citing a lack of relevant qualifications as
the explanation for the absence of equity release advice. To ensure
they keep up with growing demand and are able to provide a
comprehensive equity release service to consumers, advisers should
look to breach the current knowledge gap by training or setting up
a referral scheme with a specialist.
Read all our roles and our responsibilities
- We will communicate in plain English, not legal jargon.
- Clients will receive fair and balanced reports in writing.
- Clients will receive a personal consultation with a suitably
qualified member of legal staff.