Mortgage Express finds it's good to talk about lifetime mortgages

09 December 2004
The overwhelming majority of people who take out a lifetime mortgages discuss them with their families first, according to Mortgage Express.

'We were pleased to find that so many lifetime customers are discussing their decision with family, and their experience is such that the overwhelming majority would recommend these product to family or friends," said Roger Hillier, product development manager at Mortgage Express.

The report goes some way to addressing concerns over potential mis-selling in the sector.

As well as examining consumer attitudes to lifetime mortgages, Mortgage Express looked into how people use the equity released from their homes.

60 per cent of people re-invest some of the money released back into their homes, by making improvements. 16 per cent pass on the money to family members to help them buy a home, and eight per cent use the money released to pay off an existing mortgage.

'We now have an even clearer picture of the lifetime market. The research confirms that our lifetime mortgages and the processes that support them are working well," said Mr Hillier.

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