Bridgewater Equity Release is warning that brokers must embrace the home reversion market or customers could lose out.Peter Couch, managing director of Bridgewater, says at the moment only one in 20 people are advised by brokers to take a home reversion plan whereas this figure should be one in five. He puts this down to brokers not being educated about home reversions. Bridgewater is a subsidiary of residential property investor Grainger Trust and manages more than 2,500 home reversion plans. Crouch says it is crucial IFAs are educated about the products. He says: “I think a lot more IFAs will be coming into the market in the next few years. We recently held roadshows and had more than 700 people attend, which would not have happened a few years ago. It shows brokers want to learn.” Couch welcomes other lenders such as Norwich Union into the market, and says once home reversion is regulated by the Financial Services Authority it will attract more customers and lenders into the market as well as help educate brokers. He adds: “Product development and regulation will help the market grow. We need to make sure home reversion is not overlooked.” Bridgewater has just released a flexible product that gives the opportunity for customers to draw equity from their homes as and when they need it. The owner can choose initially to release between 25% and 100% of their equity, with a guarantee that they will be able to release the balance as they require it.
- Top trends
- Top trends
Latest research from Halifax reveals the housing market to be showing signs of getting back on track with a 1.6% price rise in August. The gain, revealed in Halifax’s All Houses, All Buyers Index, follows a 0.4% rise in July. This was the biggest monthly gain since September 2004. However, prices have increased by only […]
Michael Bolton, managing director of HBOS specialist lending, has branded rumours that he is leaving HBOS as “pure market speculation.”Speculation in the industry is rife that Bolton could soon be joining the Essex-based lender Swift Advances, as chief executive.However, Bolton who was promoted this August from managing director of BM Solutions and Halifax Intermediaries, to […]
After the recent three-month LIBOR reset, specialist lender Money Partners dropped its variable rate to 4.65% as of September 1.
Alan Dring, formerly head of sales at Standard Life Bank, has been appointed sales director at eConveyancer. eConveyancer is a national network of independent solicitors working from offices across the UK including Northern Ireland. Part of the United Group, it is one of the leading suppliers of internet conveyancing services with a rapidly expanding user […]
We’re all familiar with one of the key barriers to people taking out protection – affordability. In our recent State of the Protection Nation research*, this was the top reason given by consumers for not owning life insurance (29%), critical illness (32%) or income protection (31%). But protection doesn’t have to cost as much as […]
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