Key Later Life Finance CEO comments on Equity Release Council Q3 2022 market statistics

by | Oct 26, 2022

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Will Hale, CEO of Key, the UK’s largest later life adviser, shares his thoughts on the Equity Release Council Q3 2022 market statistics:

“Today’s figures from the Equity Release Council highlight a growing and robust sector. However, as with other parts of the mortgage market, recent political uncertainty has impacted rates and product availability which means that the final three months of year will likely look quite different to the first three quarters.  While the appointment of the new Prime Minister looks set to steady the markets, there remain challenges ahead and customers considering borrowing in or into retirement must seek specialist advice and consider all their options.

“That said, with four in five of the customers who progress to speaking to one of our advisers looking to address a financial need there is a clearly a key role for the sector to play in helping older homeowners navigate through the challenges of the cost-of-living crisis. Also, with drawdown options being widely available and modern lifetime mortgages allowing interest to be served and/or ad hoc capital repayments, there is more opportunity than ever before for customers to carefully manage their borrowing.  

“The proliferation of fixed early repayment charges which typically disappear after around ten years – although it can be as low as five years – also mean that remortgaging these plans in future is a real option for many people.   In these market conditions more than ever before, advisers must be prepared to probe and challenge customers on their wants and needs, making them acutely aware of the implications of decisions in both the long and short term and ensure highly personalised recommendations aligned to individual circumstances.”

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