Bower Retirement has launched a high net worth equity release service called Bower Private Clients for customers wanting to release at least £1m.
Bower Retirement has launched the market's first high net worth equity release service called Bower Private Clients for customers wanting to release at least £1m.
For the service Bower has recruited specialist advisers from private banks to offer personalised equity release solutions.
The service is nationwide but is likely to focus on London and the South East where the majority of £1m plus homes are based.
Andrea Rozario, chief corporate officer at Bower Private Clients, 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.
“Homeowners increasingly have more wealth tied up in their properties 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.”
Bower's analysis found that around £63bn has been spent purchasing £1m plus homes without a mortgage in the past five years. More than 85% of those deals were in London and the South East.
Specialist underwriting is required for many high net worth clients as more expensive homes may need specialist surveys.
Advisers are able to provide individual discretion on rates for equity release plans which can be personalised and structured to meet client needs which can include advice on inheritance tax as well as restructuring finances.
