Mortgages  

Poll reveals lack of knowledge on lifetime mortgages

The managing director of equity release provider Stonehaven pointed to a recent poll conducted by the firm of 128 lifetime mortgage-qualified advisers. It revealed that 94 per cent of advisers said that the majority of their clients who had equity release explained to them were surprised by how flexible it can be.

She said: “The lifetime mortgage market is growing. Older homeowners are increasingly aware of the product, and it’s an effective solution for people who want to enhance their lifestyle or release the equity in their homes. However perceptions of the industry still have a long way to go.”

Some 15 per cent of advisers were aware that interest could be paid on the equity release products in full or in part. Only 6 per cent of clients were not surprised at the flexibility of products.

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Adviser View

David Wright, managing director of Surrey-based equity release advisory firm Sixty Plus, said: “Things are getting better in terms of public perception of equity release and the message is getting through that you can pay some or all of the interest on a plan.”