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Equity release industry 'has a long way to go'

More competition is needed in the equity release market to give clients better choice, a debt charity has said.

Equity release is sometimes used by older homeowners to free up cash from a property, in a similar way to remortgaging or selling.

The market for equity release is regulated and rules are strict, but StepChange Debt are concerned that vulnerable customers may not be getting the best deal they can.

Tom Moloney from StepChange Debt told BBC Radio 5 live's Wake Up to Money: "We've got to the point where it's safe but we still need a lot more flexibility and a lot more value."

  • 13 Nov 2013
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