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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.”


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