Report finds that lifetime mortgages are 'a constant'

A new report by a leading research firm has described lifetime mortgages as "a constant in a changing world".

Defaqto has revealed that while availability and interest rates have changed on a number of other mortgage products, equity release deals have remained open to consumers in the UK.

According to the firm''s principal consultant of banking, David Black, research has shown that there are "extremely competitive offerings" available for homeowners in the equity release market.

He explained that he expects lifetime mortgages to become "a widely considered part of retirement planning".

"Also with increasing numbers of people entering retirement with considerable personal debts, equity release is likely to be a commonly used vehicle for debt consolidation," he added.

Safe Home Income Plans stated at the start of May that issues in the housing market do not mean that the "door is closing" on equity release.

The company''s director general Andrea Rozario said the products have "a vital role to play in many people''s long term financial planning".

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