One of the things you can do if you own your own house is release some of the equity. “The equity release market is seeing a rise in the number of plans sold with more pensioners opting for drawdown products which enable them to benefit from lower borrowing costs today, allowing for increased flexibility to access further funds over time as and when required.”
Jon King, who works in this area has seen it’s continued rapid growth in the third quarter of 2011 with a 9.3 per cent market share. He said “the lender has now nearly trebled its share of new business from the 3.5 per cent market share it achieved in the last three months of 2010, which was its first full quarter of operation.”
Around 60 per cent of customers are qualifying for the highest level of enhanced LTVs ranging from 34 per cent at age 65 to 44 per cent at age 75 as brokers focus on health issues in their equity release fact find, according to Mr King. He said: “The success of enhanced equity release demonstrates the need for innovation in the market.
“Equity release has a bright future based on demographic trends but the industry needs to offer products which are suited to the needs of retired people. “Enhanced equity release recognises and meets immediate customer needs to maximise capital from their property wealth when they need it.”
If you want to look at equity release as an option for you, reputable IFA’s like Enable of Bishop’s Stortford can help you consider all the options.
No comments:
Post a Comment