(1888PressRelease)
June 03, 2007 - According to equity release industry body Safe Home Income Plans (Ship) - which represents around 90 per cent of the equity release market - the average rate for equity release remains lower than the average standard variable rate for mainstream mortgages.
As a result, Ship's chief executive Jon King has urged consumers to change their attitudes towards equity release - especially as it is now fully regulated by the Financial Services Authority (FSA).
"This further research by Ship continues to counter critics' claims that equity release lending is prohibitively expensive and an option of last resort," he said.
"Since April this year the whole of the equity release market has become fully regulated by the FSA.
"With these rising standards and the low interest rates highlighted above, it has literally never been safer or cheaper to take out equity release and in many cases it can offer a very viable solution to older people's financial needs."
Chris Newman, director of fast property buyer National Homebuyers says applications for their sell and rent back product are on the increase. He says: "It's not just older people who have the ability of releasing equity in their home. We offer a solution which allows anyone to sell their home and remain living there as a tenant.
"For those worrying about the future value of their property, this is a very viable option. Our sell and rent back solution s not a scheme or a plan and you do not have to be 'of a certain age'. We are finding thousands of people needing to source an alternative income because of issues with their pensions, interest rate hikes or the instability in the property market."
National Homebuyers' sell and rent back solution is available to anyone with a UK property in any condition.
Further information is available from www.nationalhomebuyers.co.uk/index.asp
or by calling 0870 979 8118.
