Opportunity for brokers as 19 per cent of UK consider Equity Release
According to research by the Equity Release Solicitor’s Alliance (ERSA), 19 per cent of the UK population are “definitely considering using equity release or are planning to in retirement.”¹
In addition to this, 32 per cent of people said “a government stamp of approval for Equity Release would make a positive difference to the likelihood of them taking out an equity release product in the future.”¹
This is positive news for brokers who are being encouraged to get to grips with and understand equity release.
Richard Espley, Head of Equity Release at Goldsmith Williams said:
“Increasingly clients come to us for specialist legal advice when they look towards Equity Release. There has been a clear upturn in clients looking to consolidate debt on entering retirement and to reduce the burden of rising living costs. Add in those who simply want to live in their own home for as long as possible and to maintain their standard of living and it’s clear that equity release will be a major source of income in future retirement planning”.
One vital aspect to know about equity release is it is essential for clients to consult with specialist financial and a legal advisers.
Goldsmith Williams are legal specialists in equity release and will explain the nature, effects and implications of an equity release plan. We are a founding member of ERSA and can also refer clients to a panel of professional financial advisers. Call the GWLifetime Team on 0845 373 3737.
¹Mortgage Introducer (July 2011)
Content correct at time of publication