SUBSCRIBE TO OUR NEWS EMAILS
Friday, 12 August, 2022
No Result
View All Result
BestAdvice
  • News
  • Features
  • Blogs
  • Podcast
  • Research & Reports
  • Video
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Green Mortgages
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMO/MUFB
    • Holiday Let
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • DISTRIBUTION
  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI
BestAdvice
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Green Mortgages
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMO/MUFB
    • Holiday Let
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • DISTRIBUTION
  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI
No Result
View All Result
BestAdvice
No Result
View All Result

Majority research equity release before speaking to an adviser

by BestAdvice
3 August 2022
Working into late seventies could become necessity
Share on FacebookShare on TwitterShare on LinkedIn

New research from Standard Life Home Finance reveals that 70% of equity release customers do their own research before speaking to an adviser about their later life lending options.

This research, which forms part of the lender’s Lightbulb Moments survey which collated the views of more than 500 over-55 homeowners who had considered equity release, highlights not only the decision-making process but also the misconceptions that advisers need to address as part of the advice process.

70% of respondents said they carried out their own online research to help them better understand what equity release options were available, while 34% relied on information from families and friends, and 35% requested guides from various companies. Just 14% went to see a financial adviser without gathering any information ahead of time.

While informed customers are engaged customers and independent research does highlight the benefits of these products, it can highlight misconceptions or exacerbate concerns that modern lending features can manage.

RelatedPosts

Clearing existing mortgage most popular H1 reason for equity release

New CEO for Cirencester Friendly

Legal & General Mortgage Club unveils educational Green Hub

Asked about their views ahead of speaking to an adviser, almost half of clients (40%) said while equity release isn’t right for everyone, it can help some people, while a further 30% felt it was a good way of accessing some of the equity tied up in your home.

However, 22% worried it could impact or stop them leaving an inheritance, while 15% were concerned they could owe more than the value of their home. 8% worried they could pass the debt on to their families.

Perceptions of Equity Release Prior to Speaking to an Adviser%
It isn’t right for everyone but can help some people40%
It is a good way of accessing some of the equity tied up in your home30%
Interest can build up and you can owe a lot more than you borrowed29%
It was a product of last resort, but more people are using it now28%
It can impact or stop you leaving an inheritance22%
I could end up owning more than the value of my home15%
I could pass the debt on to my family8%

Managing concerns and setting right any misconceptions are a key part of an adviser’s role as they work to ensure that customers make informed decisions which are right for their individual circumstances. After speaking with a financial adviser nearly all (97%) respondents said they felt they understood equity release.

61% of people felt relieved after their consultation as it gave them a clearer idea of what their options were, meanwhile, 58% said they felt optimistic for the same reason.

Kay Westgarth, head of sales at Standard Life Home Finance, said: “With increasing numbers of people considering equity release, it is great to see that many are keen to develop an understanding of their options before speaking to an adviser. Specialist advice is vital to help people to make the right choices for their individual circumstances now and in the future, but an informed customer is an engaged customer who has genuinely started to think carefully about their options.

“That said, certain misconceptions and concerns can arise when information-gathering or conducting independent research, which may need the support of a specialist to unpick. For example, equity release products have evolved and developed significantly over the last five years and many people may not realise that those who take out a product with Standard Life Home Finance receive downsizing protection as standard.

“Simply highlighting product features – such as the no negative equity guarantee, the ability to make interest payments and the availability of inheritance protection – can set many customers’ minds at rest. The difference in customer attitudes before and after having a consultation with a financial adviser clearly shows the true value of advice.”

Previous Post

Countrywide Surveying Services retains ISO 9001

Next Post

Palatine investment in My Pension Expert confirmed

Related Posts

Magellan Homeloans to pay proc fees on exchange of contracts
later life lending

Clearing existing mortgage most popular H1 reason for equity release

11 August 2022
Cirencester Friendly appoints new CEO
appointment

New CEO for Cirencester Friendly

11 August 2022
Are strides being made in the green mortgage market?
net zero

Legal & General Mortgage Club unveils educational Green Hub

11 August 2022
Newcastle Intermediaries offers deals to North East FTBs
platform

Even added to Twenty7tec

11 August 2022
Ultimate Finance recruits new regional director
appointment

Ultimate Finance recruits new regional director

11 August 2022
Aldermore makes specialist finance hires for North of England
appointment

LiveMore appoints dedicated RSM for North and Scotland

11 August 2022
Next Post
HMO investment outperforming traditional buy-to-let

Palatine investment in My Pension Expert confirmed

Complete FS offers secure communication tech for customers

Mortgage Magic introduces back office system

Melanie Spencer to replace Phil Whitehouse at MCI Club

Finova partners with Quantum Mortgages

OPINIONS & BLOGS

One hour commute can save almost £500k on house prices

London market pick up is good news

31 July 2022
Approvals at highest level since MMR introduction

PII is not a simple tick-box exercise

31 July 2022
Over-55s reluctant to move from home city

Putting your clients in the strongest position to move

29 July 2022
Alternative Bridging brings back overdraft product

Questions to open up commercial opportunities

29 July 2022
New Goldsmith Williams case management system imminent

Second charges: source criteria to make informed decisions

29 July 2022

RECEIVE BESTADVICE BRIEFINGS

READ OUR FREE REPORT

  • Subscribe
  • Advertise
  • Backlinks
  • About us
  • Contact us
  • Privacy policy
  • Terms & Conditions
SUBSCRIBE TO OUR ALERTS!

© 2022 Bedazzled Media Limited.
Company Number 11335497. Registered Office: Unit 1, E.M.P. Building, 4 Solent Road, Havant, Hampshire PO9 1JH

X
No Result
View All Result
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Green Mortgages
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMO/MUFB
    • Holiday Let
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • DISTRIBUTION
  • G.I.
  • LATER LIFE
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Pensions
    • Retirement borrowing
  • LOANS
  • PROTECTION
    • Critical illness
    • Income protection
    • Group protection
    • Life cover
    • PMI

© 2022 Bedazzled Media Limited.
Company Number 11335497. Registered Office: Unit 1, E.M.P. Building, 4 Solent Road, Havant, Hampshire PO9 1JH

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.