UK Money News
4th January 2008
Equity release 'becoming mainstream'
Releasing the value built up in a home is becoming an option relevant to increasing numbers of consumers seeking help with money, it has been claimed.
Personal finance services provider Newcastle Building Society states that equity release is being used more often as a means of addressing debts accrued through credit cards and other forms of lending.
Using equity release as a means of avoiding inheritance tax bills was also identified as a reason to take such action, while other consumers used the help with finance simply to improve their quality of life, the firm states.
Bob Mottershead, spokesperson for Newcastle Building Society, remarks: "Equity release has been the subject of a lot of bad press, but almost half of people seeing it as a possibility indicates it is becoming a mainstream option."
He added that the work done to regulate the industry was starting to see success.
In recent money news, Key Retirement solutions released research indicating that consumers were paying more than they needed to for equity releases by bypassing brokers.
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