30% rise in Equity Release completions

Published: 20/07/2010

Goldsmith Williams has reported a 30 per cent rise in equity release completions during the first half of 2010.

Richard Espley, Manager of Goldsmith Williams’ specialist equity release division, GW Lifetime, said: "Two key factors have given rise to this rapid increase in business. Firstly, we have strengthened our equity release proposition, GW Lifetime, which gives brokers and their clients access to a dedicated team of equity release conveyancing specialists. This proposition has been well received as is continuing to go from strength to strength.

"And secondly, our research confirms that 25 per cent of clients are now using equity release as a way to repay existing mortgages and consolidate debts. As more people are entering retirement either encumbered with existing debts or simply not having made adequate pension provisions, so they are turning to equity tied up in their homes as a way to fund their old age."

GW Lifetime offers a 20 day turnaround from offer to completion on all cases. What’s more, brokers who are not authorised to transact equity release business can refer clients to a panel of equity release specialists via Goldsmith Williams online portal, GW Live.

Richard Espley concluded: "Our results for the first half of 2010 supports data published last week by leading equity release introducer Key Retirement Solutions, which reported that the value of plan sales had jumped by 22 per cent and the number of total plan sales had risen by 5 % over the same period.

"As more people turn to equity release to fund their retirement, so they are seeking specialist legal advice rather than using their local high street law firm. What’s more, 72 per cent of our clients said that the provision of specialist financial advice was also an essential part of their equity release transaction, which is why a panel of equity release specialists is now available on our online portal, GW Live. The service enables brokers to select and instruct an equity release specialist online, be kept regularly updated throughout the application process and receive commission when cases complete."

Goldsmith Williams is a founding member of The Equity Release Solicitors’ Alliance (ERSA). Brokers can obtain further information about GW Lifetime at: www.gwlifetime.co.uk or by phoning 0845 373 3737.

Content correct at time of publication