The Mortgage Market Review (MMR) has received the support of the Equity Release Council.
“The MMR announcement is excellent news for the industry as it looks to make it far more user-friendly for consumers and help people in mortgage limbo,” said Andrea Rozario, director general of The Equity Release Council.
“We are particularly pleased that it looks to ensure borrowers are not discriminated against due to age. An increasing number of people are choosing to work into their late sixties or beyond and this change means they should have some of the same opportunities as younger borrowers.
“With regards to changes to the equity release market, we are delighted the FSA has listened to the industry and enhanced the clear provider guidelines.
“With a rapidly aging population, this market is likely to continue to grow in the future and the MMR will help it to do so.”