Key Market Monitor H1 comment from Stuart Wilson, Air Group
14 July 2020
Comments from Stuart Wilson, CEO at Air Group, on the H1 Key Market Monitor. The comment is embargoed until 00:01 Tuesday 14th July when the Market Monitor also goes live.
“No sector was going to be unaffected by COVID-19 and the impact of lockdown, and equity release is no different. However, despite the anticipated fall in customer numbers and released equity in Q2, we’ve already seen something of a bounce back and it’s clear that later life options are going to be more in demand going forward, especially when you consider that more older customers are utilising products to pay down mortgages and debt much more frequently. Plus it should not be forgotten that there are so many more options available to older homeowners now in the later life space including those where they can pay the interest each month so the debt is not rolled up, and they can also drawdown as and when they need it.
“What this does perhaps show more than ever is the importance of customers taking professional advice, and weighing up what might be the short-term financial consequences of the pandemic, with longer-term needs and the decisions that they may have to make. This is even more important when financial pressures are being felt, when family members might also be feeling the pinch, and where there is a greater chance of individual vulnerability. We need to spread the message far and wide about how older homeowners access advice and the benefits of doing so.”
