People ‘should seek advice on equity release’

Those considering equity release should seek out independent advice beforehand, it has been suggested.

Dean Mirfin, director of the Key Retirement Solutions group, claimed that his organisation always recommends this course of action as most plans are only available through intermediaries, so it gives consumers the widest possible access to the market.

In addition, professional advisers can help people to see clearly whether equity release is right for them.

He explained that only around one in three people his company sees go down this route and that there are no obligations.

“An appointment is designed to personalise the advice you get and also encourage you to look at the alternatives to see if equity release is the right choice to make,” Mr Mirfin commented.

His remarks were made following new research from the Equity Release Solicitors Alliance, which revealed 32 per cent of people make their equity release decisions based on adverts.

By Chris Trimble