Mortgages  

Equity release market due for landmark year – Prior

As demand for lending grows, 2015 could be another record-breaking year, Chris Prior of Bridgewater Equity Release has said.

Mr Prior, the manager of sales and distribution at the home reversion provider, said the sector had already broken through the £1bn lending barrier by the third quarter of 2014.

He said: “I believe 2015 is therefore set up to improve considerably on this figure as demand for equity release continues to increase and a growing number of providers enter the sector.

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“By this time next year it would be very surprising not to have a number of mainstream, high-street names operating in the equity release market, and this will mean the products become much more widely known and accepted.

“We believe 2014 has been something of a landmark year for the equity-release market and anticipate the next 12 months and beyond presenting a significant opportunity for both specialist equity release and later-life advisers.”

Mr Prior’s Tyne and Wear-based company is organising an event in London where advisers can find out more about equity release.

It will be held at Ashford’s Solicitors on 16 December. For more information visit bridgewaterequityrelease.co.uk

Adviser view

Harry Bowman, financial adviser for Aberdeen-based Portlethen Financial Services, said: “We have not seen much demand for it.

“It is something we offer, but we have not seen any more than average, and I don’t see anything that would particularly drive an increase in demand.”