Mortgages for Professionals

The popularity of releasing equity in property is growing among the pre-retirement generation, according to Norwich Union. The survey by the mortgage provider found that people approaching retirement are twice as likely to consider equity release products than their retired counterparts. Additional income was cited by 38 per cent of people as the main reason for taking out an equity release product, but only 12 per cent believed that equity release would make them more independent. Some 32 per cent of the pre-retirement generation polled believed equity release was a good use of assets compared to 26 per cent of retired homeowners. Willie Mowatt, director of post-retirement products for Norwich Union, said: "It's also reassuring to know that nine in ten people questioned were aware of equity release schemes. "This is a positive step forward for the equity release market as it shows it is shaking off its tarnished reputation and taking its rightful place amongst the retirement planning portfolio," he added.