Equishield responds to announcement that lifetime mortgage products are now the fastest growing mortgage segment

Equishield, a collaboration of six recognised regional law firms including three CA member firms – SHMA, Cavendish and BPL – has today responded to the news that lifetime mortgage products are the fastest-growing mortgage sector.

Last week the Equity Release Council reported that lifetime mortgage/equity release lending had topped £2bn for the first time. The number of plans increased by a fifth resulting in 27,534 new plans in total.

Hardip Basra, Partner at Cavendish Legal Group, said:

“It is remarkable how quickly the equity release market is growing. The question lenders and brokers need to ask is if law firms can keep up the pace. Independent legal advice in the area of equity release requires specialist knowledge and commitment to providing correct advice. At Equishield we aren’t seeing an increase in the number of law firms training and developing their staff to offer this service at present.”

Equishield is a collaboration of six regional law firms who have joined forces to offer specialist and impartial equity release legal advice under the Equishield brand name.

www.equishield.co.uk.