Lighthouse Group plc (LON:LGT), the national financial adviser of choice for Middle Britain, is pleased to announce that through Lighthouse Advisory Services Limited, its wholly-owned subsidiary, it has been granted membership to The Equity Release Council. Lighthouse is the first financial services network organisation to join the Council.
Membership is recognition of the increased role equity release plays within the retirement planning landscape and the breadth of options in the mortgage market. Lighthouse’s customers will continue to be assured of high quality advice from advisers, underpinned by the standards of The Equity Release Council (Council) helping to guarantee that the highest levels of service are provided to consumers.
The protections associated with The Council and its members include the no negative equity guarantee, the right to tenure, the ability to port a loan to a suitable property and a requirement that any customer taking out an equity release product must receive both legal and independent financial advice.
Joining comes at a time of significant momentum for the equity release sector, as lifetime mortgages became the fastest growing mortgage segment in 2016, with the number of customers rising by 22% and the value of lending exceeding £2bn for the first time in a single year.
Donna Bathgate, Chief Operating Officer of the Equity Release Council, comments: “I am delighted to welcome Lighthouse as our first network member. Its decision is a clear indication of the growing appetite for equity release as more people recognise the value of using their housing wealth to support a comfortable retirement. Lighthouse’s reputation is highly respected within the advisory community and I look forward to working with them to help ensure more customers are able to access the advice they require.”
Malcolm Streatfield, Chief Executive Officer of Lighthouse Group plc, added: “Becoming a member of The Council was a natural progression for us with the Group having arranged £885 million of mortgage funds for 5,000 customers in 2016. Equity release is a natural extension of this activity and has become an increasingly important area for our business in recent years. We are advising more customers on equity release than ever before and want to ensure we provide all our customers with first class advice, underpinned by robust standards. We are delighted to be part of The Council and look forward to working alongside it to help more people realise the value of equity release for retirement where appropriate.”
