Adviser View: Ian Bavey, mortgage specialist at Seer Green Financial Planning

“A standalone equity release qualification could be problematic, given that new mortgage products are being launched by more and more lenders that offer standard mortgages to people aged over 55, as well as lenders offering standard mortgages into retirement.

“If equity release advisers do not have the standard mortgage qualification, how would they be able to compare the two types of products and offer the best option to the customer? My concern is that equity release-only advisers would end up advising customers to take out an equity release or a lifetime mortgage product when a better or cheaper option may well have been available through a standard lender on a standard mortgage. To offer full and robust guidance advisers would have to have both qualifications as the market in this area is constantly changing.”

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