Guildford mortgage broker boosts Equity Release offering

Tuesday, 16th June, 2020

Award-winning Guildford mortgage adviser, Complete Mortgages, has strengthened its Equity Release mortgage team after one of its brokers secured the coveted Certificate in Regulated Equity Release (CeRER) at the beginning of June.

Lee Cousens, who was been with Complete Mortgages since 2017 after the Guildford broker recruited him from Countrywide Mortgage Services – where he was one of the UK’s top performing brokers – passed the two-unit exam with a distinction and a merit.

The move enables Lee to offer specialist Equity Release advice on lifetime mortgages and Retirement Interest Only (RIO) mortgages, both of which have experienced significant growth in 2020.

According to the Equity Release Council, an organisation that represents the Equity Release sector and exists to promote high standards of conduct and practice in the provision of advice on Equity Release, £1.06bn of property wealth was accessed via Equity Release products in Q1 2020, up 14% from £936m a year earlier.

The findings suggest that Equity Release is increasingly becoming an accessible and popular way in which to fund retirement income, one-off expenses and lifestyle purchases including holidays.

On bolstering Complete Mortgages’ Equity Release team, Lee comments: “Equity Release is a growing sector and there is a wide range of Equity Release mortgage products continually coming onto the market. With the CeRER qualification under my belt, I’m now able to offer Equity Release consultations at the highest level, manage the increase in Equity Release enquiries we’re receiving on a daily basis and reinforce Complete Mortgages’ reputation as an expert in this field.”

Mark Finnegan, Director at Complete Mortgages, adds: “Equity Release has proven to be a popular way in which to fund later years by a large section of society. Complete Mortgages’ Equity Release applications have increased substantially over the last 12 months and I only expect this upwards trend to continue. Lee’s certification will not only enable Complete Mortgages to meet this growing demand but it also reaffirms our position as a specialist mortgage broker.”

For more information or to apply for an Equity Release mortgage contact 01483 238280 or email info@complete-mortgages.co.uk.


Equity release. It could be in your interest.

Monday, 6th June, 2016
home reversion

It’s funny how things change. Sometimes it seems to happen in the blink of an eye. At least that’s how it felt when interest-only mortgages became less common (not to mention less available) as people decided that it probably was a good idea to make monthly repayments rather than put off paying back their mortgage until a later date.

Of course, the well-documented financial crisis played no small part in this shift in attitude, bringing the long-term picture – or the lack of it for some people – into sharp focus.

But interest-only mortgages dominated the mortgage market for many years, and that’s many years whereby homeowners didn’t ‘chip off’ their mortgage capital, instead favouring to bet on growing property prices that, when the time came, would enable them to pay off their debt by either downsizing or remortgaging.

Well, for many that time has come (or is at least around the corner). Interest-only mortgages are maturing and it’s this realisation that has promoted a rise in equity release mortgages – or lump sum equity release plans.

The good news is that those who bet on the continued growth of the property market won’t be disappointed; property prices have increased significantly, generating wealth for the majority of UK homeowners.

Similarly, figures from the Equity Release Council* revealed how the value of equity release lending has also increased, having amounted to almost £394m in the first quarter of 2016, a increase of 21% year-on-year and the highest quarter one lending figure ever recorded. And the fact that over 5,000 equity release plans were arranged during that same period indicates that it’s only going to grow in popularity.

Quite simply, equity release deals enable homeowners to ‘extract’ the value from their property and pay the bank the remaining balance on the mortgage. And when you consider that the Financial Conduct Authority places the average shortfall owned by interest-only mortgage customers at £71,000**, then this approach to freeing up capital is likely to become a popular option for a number of homeowners.

So, what are your options? Well, there are generally two: lifetime mortgages and home reversion.

Lifetime mortgage

With this option, you take out a mortgage secured on your property and ring-fence some of the value of the property as inheritance for your family – or you can choose to make repayments or let the interest roll up. The loan amount is then paid back when you pass on or when you move into full time care.

Home reversion

Here, you sell part of – or all of – your property in return for a lump sum. You are still entitled to live in the house and in the event of death, the property is sold and the proceeds are shared based on the ownership agreement.

Of course, we appreciate that this is a significant topic and one that you will need to research fully before making a decision. Also, it’s important to remember that equity release products only apply to those aged 55 and over. So, if you’re thinking of applying for an equity release mortgage then contact a member of the Complete Mortgages team on 01483 238280 or email info@complete-mortgages.co.uk.

Complete Mortgages also specialises in a wide range of mortgages, from equity release to first time buyer mortgages and commercial mortgages through to bridging loans.

*http://www.equityreleasecouncil.com

**http://www.theguardian.com