Currently, most of the traditional high street banks such as TSB, Barclays, Natwest and Santander do not offer equity release products. This is mainly due to failing to provide the right products to customers in the past and there is now a reluctance to re-enter the market by these banks as they have been unable to make their equity release products a success in the past.
Historically, Building Societies have had more success with their equity release product ranges and large high street brands such as Bristol & West and Northern Rock have both at one time provided a range of equity release solutions. However, again due to issues with the product offering and ultimately a lack of funding following the credit crunch they have failed to make it work and have since withdrawn their products from the market.
In today’s current Equity Release market, the main providers of products are from insurance companies and finance houses such as L&G, Aviva, Hodge Lifetime and More2Life. These companies have successfully developed a range of products that all have a unique selling point and provide a variety of benefits to customers. The current range of equity release schemes offer the most diverse range of plans and competitive interest rates the market has ever seen.
To speak to an equity release specialist to find out more call Freephone 0800 652 2955.