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Mortgage Express hits back at critics on release options

Mortgage Express has cast doubts on criticism that equity-release customers are not being given sufficient information about their options.

In a customer study, it found that many consider downsizing and consult their families before taking out a loan.

Research from Which? in January slammed the market for failing to advise customers of such alternatives.

MEX found that 58 per cent of customers did not want to leave their current home while 25 per cent felt their current home was already too small to downsize from. Eighty-six per cent said they had made the right decision in taking out an equity-release loan.

Almost two-thirds looked at other options for enhancing their income before deciding on equity release, with 91 per cent saying they involved their families in the decision-making process.

Head of lifetime Gus Park says: “Contrary to the beliefs of some, pensioners taking out equity-release mortgages are exploring all the options and taking them extremely ser- iously. Of course, quality of advice is imperative and, reassuringly, most customers were happy with the advice they received, which is promising news for advisers.”

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