The recent research also showed that at least 33% seek at least 3 quotes ahead of taking out a lifetime mortgage, which can only strengthen the market, as it continues to grow.
Customers were also asked what the initial use of money borrowed through equity release was, with nearly 40% using equity release to improve their financial situation in retirement and 36% using equity release to pay off an existing mortgage. Interestingly, only 24% borrowed money with the primary use being to pay for a holiday or a new car.
Ged Hosty, director of equity release at Partnership, said:
“Customers should always seek the best deal possible and the best way to do this is to get independent financial advice. We are very proud that, having taken this advice, customers choose Partnership ahead of our competitors. The research also shows that equity release is a financial product to address important financial needs, which underlines the importance of seeking advice from a properly qualified IFA.”
