55% of advisers expect their equity release business to grow over next 3 years

More than half (55%) of advisers expect their equity release business to grow over the next three years, with 12% predicting substantial growth while 43% expect modest growth.

According to AKG’s industry research paper, sponsored by lender more2life, House of the rising sum – exploring equity release opportunities, the flexibility from drawdown products which enable customers to manage their property wealth is rated the most important by 68% of advisers while 72% say the ‘no negative equity guarantee’ on plans is the most attractive.

Interest rates and product pricing are the main reason for selecting lenders – 71% of advisers pick on price – ahead of other criteria. Around 54% select lenders on range of solutions while 38% pick on LTVs and financial strength and 32% on innovation.

AKG communications director Matt Ward said whilst a steady growth picture is predicted for equity release business, “the twin hurdles of historical perception of equity release and compliance concerns remain a deterrent to engagement for some advisers”.

“All parties need to continue how best to consider and address potential issues around client vulnerability and duress,” he added.

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