Lifetime mortgages 'a constant in a changing world'

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Lifetime mortgages have been described as "a constant in a changing world" by a leading research company.

Defaqto has stated that equity release deals have remained available to people despite changes in the market, while interest rates also have not been affecting in the same way as those on traditional mortgages.

The firm's principal consultant of banking, David Black, said that new figures highlighted the "extremely competitive offerings" available in the market.

He explained: "There is considerable latent demand for equity release as people strive to find solutions to their retirement needs, aspirations and debt obligations.

"In the medium term I expect to see equity release become a widely considered part of retirement planning as it represents a potential solution to fill the aspirational income needs of the asset rich and income poor."

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

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