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Equity releasers to take advantage of advice
27 February 2008 12:00
A greater number of brokers are to offer advice on equity release, according to a new survey, as more homeowners turn to them for aid in making their retirement plans.
Latest figures from specialist adviser Key Retirement Solutions revealed that the number of equity release plans taken out last year was up by 8.6 per cent from 2006 at 30,088, while the average amount of equity released also climbed by 14.7 per cent to £49,941.
This has clearly furnished a demand for guidance on this topic, with Mortgage Express's new poll indicating that over one in four brokers have already either advised or referred leads on lifetime mortgages, while four out of five who have not plan to do so in future.
Head of lifetime mortgages Kirsty Jackson explained that these products enable people worried over the adequacy of their retirement preparations to release cash for improving their lifestyle, meeting basic needs or helping their kids to buy their own homes.
The growing insufficiency of the UK's retirement provisions was also underlined in a recent study by Prudential, showing that the average person giving up work this year will have an annual income of £18,663, 21.4 per cent lower than that of the typical Briton.
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