Scots underrepresented on equity release

An Edinburgh lawyer has been invited as the sole Scottish representative to participate in a Commons committee discussing the potential value of the burgeoning equity release industry.

Peter Boyd, managing director of Edinburgh headquartered Boyd Legal, is to travel to London to take part in the event ahead a planned White Paper which will explore the future role of housing wealth as retirement income.

Scotland currently represents around 10 per cent of the UK equity release market, in spite of having only 8.26 per cent of the population, but has had no meaningful representation on the regulatory body so far.

Mr Boyd said: “I’m delighted to be invited to represent Scotland in London at the Commons Parliamentary presentation.

“Equity release will continue to play an increasing part in the post-pension freedoms landscape in Scotland and it is important that the Scottish people are represented fairly as legislation is shaped.”

Hosted by Julian Knight MP, the committee will look at presentations from politicians and academics about the challenges facing retirees and how equity release can form part of the solution.

Equity release is an option for the over-55s and enables the release of cash without vacating a property – typically a solution deliberated for many years prior to purchase.

£1.24 billion of housing wealth was freed up by equity release schemes in the second half of 2016 – a new record, while lending grew by 34 per cent between 2015 and 2016, according to the Equity Release Council – more than twice the growth of 2014/2015.