2 Jan

Millions of Brits 'ill-informed over equity release'

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."


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