Equity release and steady house prices in the UK mean a surge in equity release plans

industry figures from Key Later Life Finance, an equity release company, showed that sales of equity release plans surged 21.4% in the first quarter of the year compared to the same point in 2021. The value of equity released reached £1.4 billion - the highest on record - with the average amount being released standing at £111,500.

We can only speculate as to how much the increase is due to property owners needing the cash to make ends meet. We can be more certain that releasing equity in this way - while the right option for some - will have a profound long-term effect on the finances of those using this option

Independent Financial Advice 

Before going down the root of equity release to use the equity locked in a home it's wise to step away from the provider and seek the views of an Independent Financial Advisor (IFA)

IFAs provide a range of services to their clients, including investment advice, tax planning, and retirement planning. They may also provide other financial services, such as estate planning and insurance. Regulated by the Financial Conduct Authority (FCA), independent financial advisors (IFA) are professional advisers who are legally allowed to provide financial advice to UK consumers. IFAs must hold a valid UK financial services license and must adhere to strict regulations set by the FCA.

There is a lot of confusion when it comes to the difference between financial planners and financial advisors. Both terms are often used interchangeably, but there is actually a difference between the two.

The cost of living crisis has dominated the news in 2022, affecting many different areas of our lives. Rising prices have caused some families to stress about their finances – with some already discussing strategies with their financial planners to cope.

In fact, one in seven over-50s has already altered their inheritance plans to help their children manage the cost of living crisis, according to Saga Equity Release, a lifetime mortgage provider.

Deciding to take out equity release is one of the most important and long-term decisions consumers make in later life. The consequences of their decision are likely to have a significant impact on their financial wellbeing for the rest of their lives. This makes it particularly important that firms and their advisers get their advice right.

So advisers should work with consumers, particularly those who may be vulnerable and not fully understand the recommended products, to ensure they realise the implications of these decisions. Firms also need to be able to evidence how they came to the conclusion that the product was suitable

see FCA report

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  1. avatar
    Nick Marr

    Nick Marr is the founder of Homesgofast.com and behind property marketplace TheHouseShop.com and Europe's most established dedicated European property portal (online since 1998) Europeanproperty.com. Nick advised the UK government to help change legislation to make advertising real estate online easier for UK property businesses. The result has been a flourish of innovation creativity helping all stake-holders to greater flexibility allowing for new online models to exist today. Working with thousands of international real estate agents, developers and homeowners worldwide allows him to gain a unique insight to the changes in both digital marketing and the real estate sector. You can find out more about him at NickMarr.com