And it’s official – well, kind of. People do like equity release mortgages, according to research carried out by Key, an equity release adviser.
The findings revealed that 90% of customers would recommend equity release to friends and family. This is a huge endorsement for a sector, which, rather surprisingly given the numerous benefits of equity release, often comes under fire.
In fact, only two weeks ago the FT Adviser ran a story about how The Equity Release Council needs to do more to raise the profile of the sector following a ‘troubled history of scandals and customer debt’.
Just to reinforce their point around awareness, another UK mortgage broker revealed how, following research they had commissioned, that six out of 10 people aged 55 and above would never consider an equity release mortgage.
As a Guildford equity release mortgage broker, we have nothing but praise for a product which continues to play a role in unlocking wealth stored in bricks and mortar for either a) use by the homeowner, or b) use by the homeowners’ offspring who, in an age of escalating property prices, find it increasingly difficult to buy a property.
You can read more about our take on equity release mortgage deals here and here. However, broadly speaking, we believe that equity release mortgages are positive. Of course, like any mortgage product they need to effectively and appropriately suit the needs and lifestyle of those applying for an equity release mortgage. This is something that must be established during an initial mortgage consultation by a trusted mortgage broker that’s objective enough to outline both the pros and the cons.
We do believe that more needs to be done to promote the virtues of a sector that we believe will be more of standard mortgage product and less of a specialised mortgage product not that many years from now.
In the meantime, anyone exploring how to apply for an equity release mortgage and those who would simply like to get the opinion of an equity release mortgage expert are more than welcome to speak to our team of equity release mortgage specialists.
Simply contact the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk. We’re also buy to let mortgage experts, commercial mortgage experts and first-time buyer mortgage experts, too.
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