The financial crisis has left many major banks concentrating on their core businesses and retreating from other markets of financial products. An example of this is the equity release market, which has seen both Prudential and Halifax both depart in the past year. It is important that customers understand what this means for their services and potential for recieving the products that were once offered by these banks.
The good news for the existing customers of these institutions is that they will not be affected by this change. Both Halifax and Prudential will continue to honour their existing customers equity release programmes.
For new customers, there are alternatives to these institutions. Other companies have been working in this market for several years as well and have every intention of meeting the demand for these services. One such company is age partnership equity release.
There are others, and probably the biggest change is that there are less household names in the business now. This means that customers have to be careful to ensure they research the right product which meets their specific needs.
For people looking into equity release, Safe Home Protection Plan (SHIP) is a great place to start with some advice on reputable companies and products that are available on the market. Equity release can provide an excellent and useful service to retirees, provided they get a product which fits their needs.
