There has never been a better time for brokers to engage in the equity release sector with demand soaring for such products, Adam Carnall, head of partnerships at Age Partnership, has said.
Speaking at MBE London today Carnall listed a range of reasons for the surge in demand such as helping those maturing off interest-only mortgages.
He pointed to the estimated 40,000 interest-only mortgages maturing per year as having the potential to fuel increased growth.
He said: “There has never been a better time to get into the market.
“The distributors in the room, brokers, buyers, consultants, we’ve got what they need.
“They need customers. There’s a huge demand of funders and prices are at an all-time low with interest rates that are ridiculous.
“We are now a valuable commodity in this food chain because we have the customers.
“There is such a demand there for these products, that it is a good time to do it now. Who knows what’ll happen with interest rates next year?”
Carnall said one of the biggest reasons for people taking out equity release, besides topping up their pensions or helping with care costs, is gifting to family members to help them get onto the property ladder.
Mortgage Business Expo is taking place at The Barbican Centre in London.