UK residents can unlock a greater freedom of lifestyle after reaching retirement by opting for an equity release mortgage, one expert has claimed.
Britons are increasingly looking to find a remortgage to boost their income, noted David Borrowman, a managing partner at Caesar &Howie - a law firm.
The expert told the Scotsman: "The pleasure these products give people is tremendous.
"They often have a desire to stay in their home, or it might be impossible for them to trade down as there's nowhere else they can really afford."
Additionally, Mr Borrowman stated that the majority of borrowers looking to find a remortgage are more financially savvy than first-time buyers and have a greater understanding of the property market .
Meanwhile, many children are happy to see their parents more financially comfortable after reaching retirement and are not concerned about being disinherited, he said.
John Howard, chairman of the Financial Services Consumer Panel, recently warned UK borrowers to seek financial advice when looking for an equity release mortgage.
Equity release mortgages help lifestyle choices, expert claims
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Equity release mortgages help lifestyle choices, expert claims
Mon, 11 Dec 2006
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