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Navigating the world of high-net worth clients by Kay Westgarth, Standard Life Home Finance

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Navigating the world of high-net worth clients by Kay Westgarth, Standard Life Home Finance

Written by Kay Westgarth, Sales Director at Standard Life Home Finance

Equity release could provide someone with an opportunity to access considerable sums, particularly when they own a substantial property. We already know that this is something more than 8 out of 10 high-net-worth individuals are considering when it comes to using their housing wealth to fund at least part of their retirement[1].

Here are four instances when your client may wish to consider a lifetime mortgage:

One: Help boost your client’s retirement finances

According to the Key Market Monitor the average amount of wealth released by Key customers rose to £114,354 at the end of Q3 2022[2]. Independent Financial Advisers can explore equity release as an option to help boost a client’s lifestyle without the disruption of selling up and downsizing.

Two: A more flexible approach to retirement finances

Since pension freedoms was introduced, people have been taking advantage of greater flexibility when it comes to how and when they access cash in their pension funds. Research from shows that the total amount withdrawn flexibly increased to £10.6bn in 2022[3]. Housing wealth sits firmly in this mix when it comes to retirement finances, and can be a way of balancing the changing needs and potential shortfalls a client faces once they stop full-time work.

Three: Clients in the process of divorce

Divorce can carry difficult emotional and financial implications, particularly when a couple has shared a home over many years. Equity release could allow a client to avoid the loss of their home following a divorce settlement. In fact, 28% of equity released to Key customers was used for mortgage repayments in Q3 2022[1].

Four: Gifting and inheritance

Equity release is used as a way to provide gifts to children and grandchildren[2] – with the benefit of seeing their loved ones enjoy the money. Among Key customers, 43% of funds were released for gifting[2] and used to cover a deposit on a first home. This not only helps adult children onto the property ladder but helps to lower their mortgage repayments as well.

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[1] Property reporter

[2] Key Market Monitor Q3 2022


This is intended for intermediary use only and has not been approved for customer use.



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