One in four do not know where to turn for equity release advice

As many as one in four homeowners do not know where to turn for advice about equity release mortgages, a new study has indicated.

However, the survey by the Newcastle Building Society revealed that 45 per cent of people had considered an equity release option as means to help fund living costs.

The study also revealed that the majority of those questioned would use the funds to help meet routine living costs rather than luxury purchases, and Bob Mottershead of the lender's Equity Release Service claimed the results promised significant growth for the sector.

"It is clear that the work that has been done to regulate and re-educate on equity release is beginning to bear fruit," he explained.

"Add to this falling interest rates on equity release products and flexible options and the market is certainly set to grow."

"However, seeking advice and getting a personalised illustration before committing to an equity release product is absolutely essential, so it’s quite concerning to see from the research that so many people don’t know where to go for guidance," he added.

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