Knight Frank has become the first estate agent to offer later life lending advice.
Offered though its Knight Frank Finance arm via a specially formed team, borrowers will be given guidance on a suite of products that includes equity release and retirement interest-only mortgages.
Knight Frank Finance head of later life finance David Forsdyke points out that the equity release market is growing, and that at 75 per cent, over-55s hold most of the UK’s property wealth.
Indeed, the Equity Release Council announced at the end of April that in first quarter of this year there was an 8 per cent rise in equity released, at £936m.
Forsdyke continues: “We are seeing older people look to release equity from their primary residence for a number of reasons, including helping children financially, making home improvements and enhancing their quality of living, or to take the holiday of a lifetime.
“At the same time, we have seen a steady decline in pensions and savings, with retired people in the UK often finding themselves asset rich, but cash poor.”
Key head of partnerships Jason Ruse comments: “We have seen a 285 per cent increase in the number of introducers signing up to offer their clients access to these products between 2016 – 2018 so while not all estate agents will be in a position to copy Knight Frank’s model, they can certainly help their customers.”