You are here: Home - News -

Record number of equity release mortgages on market

by: Fiona Nicolson
  • 13/06/2016
  • 0
Record number of equity release mortgages on market
Homeowners looking for an equity release mortgage can now choose from a record number of products, research has shown.

Analysis by Key Partnerships has revealed there are currently 66 different equity release mortgages or variations of these on the market. Some 12 different early repayment charge structures are available for customers repaying loans early, or moving house.

Charges can range from as much as 25% of the original loan for the life of the mortgage, to fees for fixed periods, on sliding scales. In some cases providers are not any charging fees.

Key Partnerships’ analysis identified that rates for some products have fallen as low as 2.96%. New plans available include improved loan-to-value offers for customers with lifestyle or health conditions, as well as plans enabling customers to pay interest on loans regularly, or on an ad hoc basis.

Will Hale, director at Key Partnerships (pictured) said: “Increasing competition and choice in the equity release market is a welcome development as continuing demand demonstrates how important property wealth is to meeting customers’ retirement needs.”

He added: “The launch of new lenders such as OneFamily and Legal & General expands the choice on offer and increases the need for specialist advice to ensure clients achieve the best possible outcomes.”

There are 0 Comment(s)

You may also be interested in

Read previous post:
Chris Bramham, Brightstar profile picture
Why the seven-day switching plan is a win-win for all – Brightstar

Brightstar's Chris Bramham shares his views on why the seven-day switching service is good news for everyone involved.

Close