Comment on Equity Release Council report
Following the Equity Release Council’s 30th anniversary report which explores the sector’s progress over the past three decades, Will Hale, CEO of Key, said: “At the end of 2021, 85% of plans offered the opportunity for the borrower to make penalty-free partial repayments but today’s announcement means that from the end of March all new customers can benefit from this flexibility. As the Equity Release Council marks thirty years of setting standards, it is a great step forward and will help to ensure that customers can actively manage their borrowing in a way that suits their individual circumstances through the lifetime of their plan.
“While the industry has come a long way in three decades, the pace of innovation has accelerated recently as increasing numbers of over-55s look to these products for support their needs and wants in older age. Today’s announcement should be welcomed but we need to keep pushing the boundaries and consider how we can adapt both products and advice for an ever more varied profile of customers looking to explore later life lending options.”