Equity release providers are broadening their reach by lowering age limits and increasing loan values at a time when other lenders are imposing restrictive criteria and charging higher rates, according to eMoneyfacts.co.uk.
However, the website warns against jumping into an equity release scheme and says people should speak to an adviser to consider all their options. David Knight, mortgage analysts at eMoneyfacts.co.uk, points out that New Life Mortgages and Prudential have both reduced the minimum age qualification on their lifetime mortgages from 60 to 55. Three other lenders in this small market also offer products at age 55, and Scottish BS offers equity release to those as young as 50. Knight comments: “In times of tightening lending conditions and the first signs of property prices falling, it’s p...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
