‘Positive’ lifetime mortgage findings welcomed
Findings from the latest research published by the Financial Services Authority (FSA) have been welcomed by Safe Home Income Plans (Ship).
Ship has announced that is pleased with the positive results of the FSA's Mortgage Effectiveness Review that covered lifetime mortgages and subprime mortgages.
Furthermore, the professional body for equity release product providers noted that the research revealed consumers understood the risk of such products.
Director general of Ship Andrea Rozario said: "Lifetime mortgages are an extremely useful product for many people who need to release value from their property for whatever purpose."
However, such products "are not suitable for everyone", she warned.
Ms Rozario added that the body was "confident" in its high standards that its members must adhere to.
Yesterday, mortgage holders were advised by the Post Office to shop around for life insurance as it is not compulsory to take this product out with the mortgage lender.
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