More IFAs specialise in lifetime mortgages

If you’re looking for advice on a lifetime mortgage, then you don’t have far to go. Unbiased.co.uk, which promotes the benefit of independent financial advice, has found that almost 2,000 independent financial advisers (IFAs) now list lifetime mortgages as an area of specialism. This reflects the fact that more consumers are seeking advice on this financial area. The Unbiased research shows that the number of IFAs specialising in this area has increased month on month for almost two years.

People are looking for ways to supplement their pensions, driving increasing interest in equity release mortgages. This is one of the top ten financial products that people are interested in, with more than 13,000 people searching the Unbiased.co.uk site to find a local IFA who could offer independent advice on lifetime mortgages. IFAs have to have a relevant qualification to advise on this area and many have taken these qualifications to meet the rising demand for impartial advice from consumers looking to release the equity they have built up in their homes.

The latest figures from the professional body for equity release mortgages, SHIP, reinforce this picture. According to that organisation, the total value of new business written in the third quarter of 2006 was £295.1 million, an increase of 12.3 per cent  on the second quarter (£262.8 million).  Year on year, the number of new cases being written has also risen strongly, from 6,446 in the third quarter of  2005 to 6,954 in the latest figures- an increase of 7.9 per cent.

Karen Barrett of Unbiased.co.uk comments: ‘In the winter months many older people have to address factors influencing their home such as heating and electricity which may result in having to review their financial situation.  The possibility of releasing equity in their home could well be on the agenda along with other elements of retirement planning.’