Equity release an important advice driver, unbiased.co.uk finds

A new report from unbiased.co.uk shows that inquiries about equity release appear to be on the rise. The site’s Advice Drivers report found that of the top ten mortgage-related advice queries in March, equity release ranked six.

While it came behind major categories such as first-time buyer mortgages and remortgaging, interest in releasing equity in people’s homes certainly appears healthy.  The sector accounted for 7% of all inquiries.

Furthermore, unbiased.co.uk’s Advice Drivers report for the whole financial services sector showed that equity release also made the top ten there. The number one overall advice driver was retirement planning—an area where equity release is very relevant—which accounted for 36% of inquiries. Other major categories such as mortgages and savings plans featured high up the list, but the fact that equity release made it into the top ten in such a competitive field is noteworthy.

Talking about retirement planning in general, Karen Barrett, chief executive of unbiased.co.uk, said: “As the Tories’  plans to end the default retirement age puts the election focus on pension planning, our figures reveal it is clear that retirement preparation is an ongoing key topic for consumers where they choose to seek independent financial advice from professionals. Consumers continue to see the value of specialist product advice when they are embarking on complex and long-term financial decisions such as pensions and investments, and are searching for an IFA [independent financial advisor] to guide them through their choices.

“Only an independent financial adviser can give you specialist advice on specific product areas and can recommend solutions from across the whole of the market, rather than just a selection of providers. They can also give you a choice of how you pay for this valuable, expert advice. In order to find an independent financial adviser, you can go to unbiased.co.uk to find an IFA close to where you live and who specialises in the area of advice you are looking for.”