First high net worth equity release service launches

Bower Private Clients has recruited specialist advisers from private banks, with an initial focus on London and the South East.

The high net worth adviser will offer bespoke equity release rates and terms for customers as the equity release market expands into wider retirement lending.

Bower is working with private banks, accountants and law firms after being referred complex cases including customers facing interest-only issues as well as clients wanting to gift substantial amounts to family for house purchases. Cases have involved clients releasing £1 million-plus.

Bower's analysis shows more than 36,000 £1 million-plus homes have been bought without mortgages in England and Wales in the past five years, with more than 85% of those deals in London and the South East.

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 – our analysis shows that around £63 billion has been spent buying £1 million-plus homes without the need for a mortgage in the past five years – 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.”