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Retirement Advantage boosts equity release range

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  • 30/09/2015
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Retirement Advantage boosts equity release range
Retirement Advantage, formerly known as MGM Advantage and Stonehaven, has expanded its current product range to give its customers fixed early repayment charges and cash reserve facilities.

The equity release provider has reintroduced its Lump Sum Gold, Voluntary Select Gold and Interest Select Platinum products and will offer rates between 6.37% and 6.97%.

Robert Sharpe, executive chairman of Retirement Advantage Equity Release, said: “We’re seeing changing consumer habits as individuals look more holistically at their retirement income and assets. We as an industry need to adapt with them. It’s vital that we continue to develop and continue to innovate to further cement the market in the mainstream.”

Speaking at a recent conference Robert Sinclair, chief executive of the Association of Mortgage Intermediaries, said the sector had the potential to become a £5bn-a-year sector before the end of the decade.

A shift in the type of plan favoured by equity release borrowers was highlighted in the Equity Release Council’s autumn market report. In the first half of 2007, 44% of plans taken out were drawdown products whereas 51% were for lump sum equity release mortgages. But, by the end of H1 2015, 65% of new plans were for drawdown against 35% for lump sum.

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