View more on these topics

Call for simpler equity release deals

Brokers are facing an uphill struggle when it comes to advising on complex equity release products.

At recent breakfast forums held by Bridgewater Equity Release in Manchester and Leeds, brokers reported that the complexity of equity release plans was a major obstacle to giving advice on them, particularly at point-of-sale.

Peter Welch, head of sales and distribution at Bridgewater, says: “Advisers face an uphill task when explaining how equity release deals work and there’s a call for plans that are easier to understand.”

But Georgina Smith, sales and marketing director at Stonehaven, says: “There are certain things brokers must cover with equity release that they don’t have to with conventional mortgage advice, but it’s by no means difficult.

“The industry is evolving and tools are available to ensure the sales process is simple and robust.”

Recommended

Job market pessimism dents housing optimism

Over half of people now believe that it is a good time to buy property, but uncertainty surrounding their personal circumstances is denting their confidence, shows the Building Societies Associations Property Tracker survey.

McQueen takes top mortgage role at Nationwide

Andy McQueen has been made divisional director for mortgages and savings at Nationwide, a job which will see him oversee the creation and marketing of the society’s mortgages.

Newsletter

News and expert analysis straight to your inbox

Sign up