‘Advice needed’ on equity release options

Homeowners interested in equity release should get more information from a regulated consultant, an expert says.

Bob Mottershead of Newcastle Building Society’s (NBS) Equity Release Service said he was concerned that the results of an NBS survey showed people did not understand equity release.

Almost a quarter (24 per cent) of respondents to the poll said they did not know where to get advice despite almost half (45 per cent) considering it as an option.

NBS included holidays, home improvements and paying off debts among the top reasons for freeing equity from a property.

However, 14 per cent of respondents were reluctant to reduce their children’s inheritance by considering equity release.

Mr Mottershead said: “It’s quite concerning to see from the research that so many people don’t know where to go for guidance.

“Equity release isn’t right for everyone so our advice is to speak to a regulated consultant.”

Tags: regulated consultant, poll, NBS, Equity Release Service, Newcastle Building Society, information, Informa, property