Older borrowers turn to equity release
The Equity Release Council says that more than 17,000 home owners released equity from their property last year, the largest amount since 2009.
Aaron Strutt, a broker at Trinity Financial, says: â€œEquity release has grown in popularity in recent years. The banks have made it harder for older borrowers to secure finance through the traditional methods and newer lenders are starting to fill the void.
â€œMany borrowers have huge amounts of equity in their property and they are looking to use it to support their living standards or pay off debts.
â€œTrinity has access to a number of specialist lenders that allow the interest to be paid on a monthly basis. The interest is not rolled up or taken from the equity on death. It is more like a traditional interest-only mortgage.
Not all brokers are authorised to offer equity release mortgages but we have a specialist broker. His name is Jed Newton and he can be contacted on 020 7016 0790.
January 25, 2013