These responses emerged at Countrywide Surveying Services’ latest webinar series which focused on an exploration and explanation of the later life lending sector
84% of respondents to a new poll by Countrywide Surveying Services agree that Later Life Lending is a vital part of the broader UK mortgage and residential property market.
Breaking down these responses, 54% proposed that the later life lending sector was ‘very important’ 30% stated that it was ‘somewhat important’. Only 5% said the sector was ‘not very important’ with 11% implying that it was ‘neither important nor unimportant’.
Delving deeper into later-life product offerings – when asked on what equity release could be used for – 40% of pollees suggested home improvements, 36% said to supplement income, 32% to clear unsecured debt and 30% to raise capital for any legal purpose, for example – tax bills, IHT planning, holidays etc. A further 26% cited to repay a mortgage, with the same proportion (26%) saying to purchase a property.
These responses emerged at Countrywide Surveying Services’ latest webinar series which focused on an exploration and explanation of the later life lending sector and was hosted by MD, Matthew Cumber.
More than 200 people actively engaged in the session, with the audience including lenders, brokers, surveyors and other property professionals. The panel included Kelly Melville-Kelly, Director of Risk, Policy and Compliance at the Equity Release Council, Yvonne Turnbull, Head of Underwriting at Just Group, Andy McClaren, Head of Property Risk at Rothesay and Martyn Stones, Director of Technical Services at Countrywide Surveying Services.
Matthew Cumber said: Given the changing demographics of the UK population and changing attitudes, the later life sector will continue to provide a prominent route to funds in a way which has subtle differences to a more vanilla lending approach but one that can generate an important longer-term effect.
He added: The topics covered in the webinar were certainly thought-provoking and it is clear that property professionals and intermediaries have a desire to become more informed about an area of the market which will only continue to grow in importance in the years to come.
Kelly Melville-Kelly, Director of Risk, Policy and Compliance at the Equity Release Council, says: These findings show just how important an active later life market is for older homeowners. Given the average UK homeowner has £222,526 in equity, many will find property is their biggest financial asset, able to bridge the gap between their pension savings and the challenges of later life when incomes typically decline.