The withdrawal of Newcastle Building Society from equity release illustrates a move towards independent advices, says Dean Mirfin of Key.
"In this climate, there has been a shift away from direct salesforces. Consumers prefer to get independent advice" he said.
Newcastle is closing its Equity Release Service by the end of the year. In Retirement Solutions shut its doors in August.
David Wright of Sixty Plus said "In my view independent advice is by far the best way to obtain equity release advice. Going to a tied or multi-tied adviser means getting the best plan for you is down to luck rather than judgement."
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