Govt backs Select Committee's recommendation over home finance signposting

Written by Adam Cadle

The government is backing the Select Committee's recommendation that the Single Financial Guidance Body should signpost older people to mortgage brokers, banks and building societies who can offer advice on mortgages and equity release, shared ownership and shared equity, and on reinvesting the proceeds of sales.

The Single Financial Guidance Body will support older people to understand when and how to access specialist financial advice.

Commenting on the response, Equity Release Council chairman David Burrowes said: “This recommendation amounts to a clear vote of confidence from government that equity release plays a key role in later life planning conversations alongside other forms of housing finance. The Council has long championed the view that the option to unlock some of their housing wealth should be on every older homeowner’s checklist to consider, and the wide range of equity release products today can suit a similarly wide range of personal needs.

“We welcome the growing consensus that consumers will benefit by taking a more rounded approach to their retirement planning and considering property assets alongside their savings and pensions. It is important this recommendation is implemented in a way that recognises the need for specialist equity release advice, and promotes joined-up thinking about the full range of options available and how people’s needs may evolve at different stages of life.”

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