UK-based equity release advice firm Bower Retirement has a launched a new division to cater to growing numbers of wealthy retired homeowners looking for equity release solutions.
Called Bower Private Clients, the new service has hired specialist advisers from private banks, with the aim of delivering personalised equity release solutions for customers in London and the South East.
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The high-net-worth (HNW) adviser will provide bespoke equity release rates and terms for customers and is collaborating with private banks, accountants and law firms to service clients with more complex circumstances, including interest-only mortgages, inheritance tax concerns or those keen to gift large amounts to family for a purchases.
According the Bower’s analysis, over 36,000 properties worth more than £1m have been bought without mortgages in the past five years in England and Wales, with more than 85% of these being in London and the South East.
The launch follows increasing demand for targeted advice as property wealth becomes more important to retirement planning.
Bower Private Clients chief corporate officer Andrea Rozario said: "The expansion is being driven by clients and their wider range of advisers including private banks, lawyers, accountants and wealth managers who recognise that property wealth can offer a variety of solutions.
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By GlobalData"Homeowners increasingly have more wealth tied up in their properties – our analysis shows that around £63 billion has been spent buying £1 million-plus homes without the need for a mortgage in the past five years – and want to be able to access that wealth as part of retirement planning.
"Launching Bower Private Clients is the next logical step to provide a service focused on retirement lending for high net worth clients and we are already seeing strong demand from clients and introducers."
