22% of customers don’t discuss equity release with family

Published on

71% of customers seeking equity release advice with immediate family said they had discussed the possibility of equity release with their children, according to new data from HUB Financial Solutions.

Only 22% said they hadn’t discussed the possibility of equity release with anybody else, with 7% having discussions with family and friends other than their children.

The analysis from the regulated equity release advice in the UK also found that only 7% went on to involve their children in meetings with financial advisers as they went through the planning process in greater detail, with 90% not involving anyone else in meetings with their financial adviser.

Simon Gray, managing director of HUB Financial Solutions, said: “Involving children in the planning process can re-assure them that their parents are making a suitable financial decision to meet their needs and aims. It also gives children the chance to intervene if they are in a position to help financially and would like to do so if asked.

“It could even open up more tailored equity release solutions like servicing the interest on the loan. Doing so would allow children who have income to service all or part of the interest on their parents’ lifetime mortgage, leaving more equity in the property to maximise the inheritance left behind.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Market Harborough broadens tier two mortgage criteria to boost complex case lending

Market Harborough Building Society has introduced a series of criteria enhancements to its tier...

Coventry for intermediaries reduces rates across residential and buy-to-let ranges

Coventry for intermediaries has announced rate cuts of up to 19 basis points, with...

Halifax cuts remortgage rates across selected two and five-year fixed deals

Halifax Intermediaries has announced a series of rate cuts across its remortgage product range,...

The Leeds reports £104m profit amid robust lending and savings growth

Leeds Building Society has reported a profit before tax of £104.4 million for the...

Annual house price growth picks up as affordability improves

The UK housing market showed renewed resilience in July, with house prices rising by...

Latest publication

Latest opinions

Job cuts to inflation shock: preparing for a mortgage arrears crisis

The latest data on jobs paints a picture of a rapidly weakening labour market. The...

URGENT! AI Is coming for you. Or maybe not…

I’ll try to make this as straight to the point as I can. The...

Mind the gap: Can mortgage advice change the game for protection?

Many industry insiders still talk about the UK protection gap and how vast it...

Navigating HMO and MUFB complexity with confidence

Historically, larger Houses in Multiple Occupation (HMOs) and Multi-Unit Freehold Blocks (MUFBs) have often...

Other news

Market Harborough broadens tier two mortgage criteria to boost complex case lending

Market Harborough Building Society has introduced a series of criteria enhancements to its tier...

Coventry for intermediaries reduces rates across residential and buy-to-let ranges

Coventry for intermediaries has announced rate cuts of up to 19 basis points, with...

Halifax cuts remortgage rates across selected two and five-year fixed deals

Halifax Intermediaries has announced a series of rate cuts across its remortgage product range,...