77% Not interested in equity release

A survey by moneyfacts.co.uk shows 77% of consumers would not consider an equity release mortgage, despite figures released by the Bank of England last week suggesting otherwise.

The moneyfacts.co.uk survey was conducted online and anyone who visited the website could take part. Of those who did, only 9% were over the age of 60.

Dean Mirfin, business development director of Key Retirement Solutions, says: “We usually find the response is positive with over 60 year olds. If this was about an equity release scheme for over 60s it would be a different question and get a different response.”

But the results suggest younger generations are not too hopeful of their prospects regarding to equity release.

Richard Eagling, editor of Investment Life & Pensions Moneyfacts, says: “With pressure on the retirement income of elderly home owners, it is surprising so many consumers dismiss the idea of an equity release mortgage scheme. This research suggests equity schemes are still suffering from the poor reputation they established in the 1980s and early 1990s.”

Adviser avoids online danger to win Sony PSP in Platform competitionStuart Burrows, a financial adviser at Manchester-based Heavenly Finance, is the proud winner of Platform’s Classic Car Chaos competition, after successfully navigating his way through the hazardous online highway game.

Burrows skillfully picked his way around runaway sheep, dangerous drivers and flying birds to rack up a top score of 876,087 points and win a coveted Sony PSP.

To mark the launch in early July of clickdecision, Platform’s online binding decision facility, Classic Car Chaos was created to welcome financial advisers onto Platform’s updated website. Platform says it has had an excellent response to its online enhancements with over 40,000 online decisions made since launch.

Jim Hunter, e-commerce manager at Platform, says: “We are delighted that so many intermediaries have enjoyed playing Classic Car Chaos and that the enhancements to our online facilities are proving successful.

“It is good to give intermediaries something to entertain them during breaks – something toward creating a work-life balance.”