Equity releases jump by nearly a third
Share
Equity release completions have risen by 30% rise in equity release completions during the first half of 2010, reports Goldsmith Williams.
The firm says an increase in business and a strengthening of their own proposition is responsible for the increase.
Richard Espley, Manager of Goldsmith Williams’ specialist equity release division, GW Lifetime, adds: “Our research confirms that 25% 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. and 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.
Espley says: “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% 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. A total of 72% 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.”
