74% of brokers to recommend equity release this year

Ryan Bembridge

July 4, 2016

jeremy duncombe

Three quarters (74%) of mortgage brokers are planning to advise or refer customers to equity release products in 2016, Legal & General research shows.

Equity release support varies across the country however, with a smaller proportion of brokers in Manchester (65%) and London (71%) planning to offer later life lending or equity release products.

The survey quizzed brokers regardless of whether they already offer equity release.

Mortgage lending grows despite approval drop

Jeremy Duncombe (pictured), director of Legal & General Mortgage Club, said: “With more and more of us approaching retirement, and often without the necessary funds to support later life, many borrowers are now choosing to make use of their most important asset to fund their retirement: their property.

“With the rise in popularity of lifetime mortgages and other retirement lending products, it is really encouraging to see that a growing number of brokers are recommending these products as a means of funding retirement.

“The task now is to ensure that more advisers are playing their part in offering holistic retirement advice for our ageing population.

“Achieving this goal will require brokers to provide expert advice and recommend retirement lending solutions to a growing number of customers, so that they can get the most out of later life. Our Hub is a great place to start.”