Equity release market ‘available to more people’

Those considering the potential of releasing equity from their home may be interested to learn that a number of firms have improved access to the service. Financial advice site Moneyfacts.co.uk reports that Prudential and New Life Mortgages have reduced the age limit at which they offer such services from 60 to 55. As such, only Scottish Building Society has a lower age limit of 50. David Knight, mortgage analyst for Moneyfacts.co.uk, notes: “With the current climate of insufficient pension pots many people are expected to need to supplement their pensions at an earlier age and one of the ways of doing this is through the equity found in their homes.” Consumers considering equity release may find it beneficial to obtain legal advice before doing so, in order to establish their position in the eyes of the law. In recent weeks, research by finance firm Home & Capital Advisers indicated that 39 per cent of retirees would be prepared to release equity from their home to improve their financial situation.