Category: Equity release
Age Partnership launched its industry-wide switching service back in April.
The average debt of £20,650 is almost a fifth higher than last year.
Legal & General has established a phased roll-out of the portal and will be inviting advisers to sign up over the coming weeks.
Notable shifts included gifting to children, up 38% year-on-year, as well as home improvements, which increased to 39%, and mobile home or caravan purchases, which saw a rise of 39%.
Responsible Lending previously offered customers aged 55 to 64 a drawdown option across six of the lender’s 12 LTV bands, but the facility will now be extended to the first nine bands.
Air Group said the promotion was to encourage advisers to use specialist later life solicitors who fully understand the sector.
The number of equity release plans taken out rose by 3% in the six months to 30 June.
The partnership will provide Sesame’s equity release qualified advisers with access to the breadth of Legal & General Home Finance’s product offering, including its retirement interest-only (RIO) mortgage, flexible lifetime mortgage and optional payment lifetime mortgage (OPLM).
Almost a fifth (18%) of homeowners over 40 say changes to state pension legislation have affected their retirement planning.
Two out of three say equity release boosted their quality of life .