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Rates are unimportant to borrowers with no alternative – Star Letter 14/07/2017

by: Mortgage Solutions
  • 14/07/2017
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Rates are unimportant to borrowers with no alternative – Star Letter 14/07/2017
Each week Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment to be the week's Star Letter.

This week our Star Letter accolade is awarded to Andy Wilson for his comment on the post: Let’s not kid ourselves – equity release rates are important – Rozario

 

He writes: “In my experience interest rates are rarely a deciding factor for clients. They affect my advice, for example, do drawdown clients want a maximum drawdown at a higher rate or a smaller than maximum drawdown at a lower rate – but clients don’t really bother much, and they take advice. They need money for whatever reason and in broad terms at whatever the current cost is because they have often run out of affordable options.

“I can’t remember when an equity release client ever told me straight they weren’t going ahead because it was too expensive an interest rate. Reasons for not proceeding include not wanting to erode the inheritance, disproportionately high set up costs and so on, but never that the interest rate was too high.”

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