Category: Equity release
Around one in five equity release plans (19%) taken out in 2021 was used to support family while two in five (38%) were used to repay residential mortgages or remortgage existing equity release borrowing.
The divisions will have their own managing directors, who will liaise with the Spicerhaart estate agency chains.
By using Aveni.ai to monitor all conversations with customers, specific keywords and phrases can be automatically flagged and routed to the compliance team at Key for review.
However, only 7% involve their children in meetings with financial advisers, and 93% of customers did not involve anybody else in the final financial planning process.
The lender’s products can now display the council’s endorsement mark, bearing the words “proud to be a member of the Equity Release Council.”
Andy Cumming, delivery director of core banking at finova, said: “We are thrilled to partner with Standard Life Home Finance as the business enters its next stage of growth and navigates a new market.”
All the new starters will be working in bridging finance, buy-to-let, second charge and later life lending.
The unit will be added to its offering from February 2022, and applications to join the first cohort to undertake the unit are now open.
The study also shows 43% of mortgaged homeowners under the age of 40 relied on financial help from family or friends to buy their first home.
Just one in five (20%) of advisers felt family members only needed to be involved in the process depending on the complexity of the case, while 4% did not believe it was important to involve family at all.