Frank O'Donnell

A 30% increase in equity release completions has been reported during the first half of 2010. by Law firm Goldsmith Williams has reported. According to Richard Espley, manager of Goldsmith Williams’ specialist equity release division, there were two main reasons for the increase:

He said: “Firstly, we have strengthened our equity release proposition, GW Lifetime, which gives brokers and their clients access to a dedicated team of equity release conveyancing specialists. This proposition has been well received as is continuing to go from strength to strength.

 

“And secondly, our research confirms that 25% of clients are now using equity release as a way to repay existing mortgages and consolidate debts. As more people are entering retirement either encumbered with existing debts or simply not having made adequate pension provisions, so they are turning to equity tied up in their homes as a way to fund their old age.

 

“Our results for the first half of 2010 supports data published last week by leading equity release introducer Key Retirement Solutions, which reported that the value of plan sales had jumped by 22% and the number of total plan sales had risen by 5% over the same period.