Lack of high street lenders holding Equity Release back

The growth of the equity release market is being hampered by the lack of a big high street name, reports Mortgage Introducer (20/1/07).

Dean Mirfin, business development manager at Key Retirement Solutions, said the lack of an instantly recognisable name selling equity release to consumers was hokding the industry back.

Mirfin said: “A lot of advisers pulled out of the market following regulation and mystery shopping, so access to advice is limited. The kcik start for real growth would be a high street presence. If consumers see it on the high street as part of their day to day living, they will be more inclined to enquire about it. Anything that promotes the market in the right way is a good thing.”

John King, chairman of Safe Home Income Plans (SHIP) said the entrance of a big name was a matter of time as the baby boomer generation looked to equity release to fund their retirement.