Equity release advice 'not up to standard'

People aged over 50 have been urged to seek advice from more than one source if they want to release equity from their homes.

According to consumer group Which?, many equity release specialists in Britain do not ask basic questions from their customers, such as how much they earn.

This, it stated, means there are several "major flaws" in the equity release advice process.

The organisation has therefore encouraged people who want to generate income from their property to visit two or three independent advisors.

Martyn Hocking, editor of Which? magazine, said this would help consumers make the best decision based on the options presented to them.

"Opting for an equity release plan is a big decision and it's not one that should be taken lightly," he commented.

Mr Hocking added that the current system of dispensing advice to homeowners needs to be tightened up.

This comes after research by Hodge Lifetime found that three-quarters of independent financial advisers have seen increased interest in equity release over the last year.

To view businesses and services in our Equity Release section click here

Homebase is the UKs second largest home improvement retailer and is recognised for choice, style ...
Silver Travel Advisor
Have your say and you could win a Greek Island villa holiday. If you like holidays and ...
For some of the most talked-about TV, get Sky TV. In all, we've 100+ digital entertainment ...
Make a Will Online
Make a Solicitor checked Will Online with Gloss Legal
Travel News
All-inclusive holidays 'offer value for money'
Finance News
Recession 'causing problems for over 50s abroad'
Dating News
Online dating 'can give over 50s another chance at love'

We Luv Sweets
New Zealand Holidays
Kirra Tours 100 Percent Kiwi New Zealand Holidays by New Zealanders. Although larger than the UK, New Zealand has a ...
The only prostate supplement with 100% pure Beta-Sitosterol