Brits ’should consult family on equity loans’

Homeowners should seek advice from family members before taking on equity loans, according to new advice.

Norwich Union has suggested that Britons looking into home equity loans may need to consider the views of any dependants before unlocking money stored in their property.

Sarah Horner, spokesperson at the loan lender, said that homeowners are often "concerned" about leaving an inheritance to children and grandchildren.

"I’m sure, we’d find that people want their parents to enjoy their retirement time, they’ve earned it," she concluded.

Similar views were expressed by independent financial adviser Bestinvest, which urged borrowers to "get their whole family involved" in decisions about secured loans and equity release.

Meanwhile, the Council of Mortgage Lenders recently revealed that a growing number of first-time buyers and home movers are seeking out fixed-rate mortgages to beat the pressure of changing interest rates.

Interfinancial providing you with breaking secured loans news.