Wide Debate Needed About Equity Release Schemes In Guernsey, Says Ogier Partner

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Ogier provides legal advice on BVI, Cayman, Guernsey, Irish, Jersey and Luxembourg law. Our network of locations also includes Beijing, Hong Kong, London, Shanghai, Singapore and Tokyo. Legal services for the corporate and financial sectors form the core of our business, principally in the areas of banking and finance, corporate, investment funds, dispute resolution, private equity and private wealth. We also have strong practices in the areas of employee benefits and incentives, employment law, regulatory, restructuring and corporate recovery and property. Our corporate administration business, Ogier Global, works closely with Ogier's partner-led legal teams to incorporate and administer a wide variety of vehicles, offering clients integrated legal and corporate administration services. We have the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost effective services to all our clients.
Guernsey needs a wide debate about the merits and risks of equity release mortgage schemes that allow older people to release some or all of the values of their properties to enjoy in their later years.
Guernsey Real Estate and Construction

Guernsey needs a wide debate about the merits and risks of equity release mortgage schemes that allow older people to release some or all of the values of their properties to enjoy in their later years.

That's the view of Ogier's Guernsey property partner Martyn Baudains – he says that traditional mortgage products do not cater for older people in the way that equity release schemes can, but that proper regulation and safeguards need to be in place.

Advocate Baudains attended an event with the Family Building Society and UK provider Large Mortgage Loans a week ago – the event has sparked discussion in Guernsey, with politicians including Minister for External Affairs Jonathan Le Tocq and John Gollop discussing the idea on Twitter.

Advocate Baudains said: "There is potentially merit in this idea, but we need the widest possible debate which could include discussion around safeguards to protect potentially vulnerable elderly people

"The Family Building Society is a very responsible lender with a very low default rate and the event that I attended was an interesting one – the next step is a wide debate and conversation about how we can make this work and what framework needs to be in place."

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