Equity release knowledge high

In its first independent study, Retirement Plus showed 20.7 per cent of those questioned had heard of the organisation, while 57.6 per cent knew of equity release itself. Alongside this, lifetime mortgages and home reversion also fared well, recognised by 41.5 per cent and 34 per cent respectively.

Duncan Young, managing director of Retirement Plus, said the numbers were higher than expected and voiced his surprise so many people knew of SHIP. He said:: “SHIP is obviously better at self-promotion than people give it credit for.”

The study of 1,000 people also revealed 5.7 per cent of people would consider using equity release within the next year. 58 per cent would want a lump sum, yet Young pointed out 60 per cent of SHIP member sales were drawdown products and questioned whether customers were getting what they wanted from equity release.

He added: “In total, the research shows that 35 per cent of people would consider equity release. It is an encouraging sign that around 350 in 1,000 people are thinking of finding out if equity release can help them in their retirement. It seems that people are now thinking about equity release as a viable option to use. Perceptions have changed over the last year.”

Dean Mirfin, business development director at Key Retirement Solutions, added: “That so many people have heard of SHIP is a real plus, but the next stage is do they know what the organisation does? It’s a good set of statistics.”