Recent news has it that Newcastle Building Society has announced it is to withdraw from the equity release advice market.
The Newcastle Building Society Equity Release Service is set to close by the end of the year. This follows hot on the heels of the news that several other equity release companies have also followed suit in deciding to withdraw from equity release advice.
According to Newcastle Building Society they have stated that the recent economic turbulence has led to a considerable reduction of lending in the equity release market & has led them to close down this arm of the building society.
The Newcastle did provide advice to clients who were considering taking out equity release.
However, they have made the business decision that equity release is no longer a viable option anymore.
Unfortunately, as a consequence five posts are to be made redundant, with consultation beginning concerning the individuals affected.”
