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Knight Frank expands into equity release

by: Marc Shoffman
  • 08/07/2019
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Knight Frank expands into equity release
Estate agent Knight Frank’s finance arm is branching into later life advice.

Knight Frank Finance already provides a mortgage brokerage and is now offering whole-of-market advice on equity release and other retirement-focused products.

It is building a new team headed by David Forsdyke, formerly equity release manager at Access Equity Release.

He is planning to build a team of 12 over the next two years and currently has five advisers, some of whom have both mortgage broking and equity release qualifications.

All recruits will need to be regulated to advise on equity release and must be familiar with Knight Frank’s high-net worth client base.

Knight Frank Finance is a member of the Equity Release Council and its advisers will also be signed up to the trade body.

The later life finance team will also advise on retirement-interest only mortgages and short-term finance for those purchasing retirement homes and can help with downsizing.

Forsdyke said: “The market for equity release is growing quickly.

“Over 55s hold the majority of all property wealth in the UK.

“We are seeing older people look to release equity from their primary residence for a number of reasons, including helping children financially, making home improvements and enhancing their quality of living, or to take the holiday of a lifetime.

“At the same time, we have seen a steady decline in pensions and savings, with retired people in the UK often finding themselves asset rich, but cash poor.”

It comes as equity release provider Key Partnerships reported last week that referrals were booming.

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