With the major banks retreating to their essential services, some markets for financial products have seen major players leave the space. No better example is that of equity release, which has seen both Halifax and Prudential leave this market to the other, smaller players. What does this mean for consumers?
Those with products at these banks will find that their existing arrangements are honoured and do not change, which is good news. For those who are looking for these products, there might be less major players in the market, but there are several alternatives that are worth looking into.
One of these is Stonehaven equity release which offers terms that are quite similar to the ones that Halifax used to offer. Consumers looking for equity release products might find that small financial institutions like Stonehaven are providing the level of service that still makes this financial package attractive.
However, it is essential that anyone looking into this market for themselves or a friend or relative are aware of the various options available. It is worth looking into the advice provided by the Safe Home Protection Plan (SHIP) before making any decisions.
The information that services like SHIP provides might help in finding a product which suits the customer's exact needs. As equity release is such an important financial opportunity for retired people, it is best to look around for the right product.
