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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.



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