More than half of later life consumer calculators spit out “incorrect information” on loan sizes, according to a survey from the Equity Release Group.

The firm says its study of 26 comparative websites showed that “more than 50%” highlighted inaccurate calculations”, with one major unnamed broker “being the least accurate of all”.

It adds that although this figure is lower than last year’s survey, with more than 40% surveyed improving their data outputs, “progress still needs to be made”.

The group includes the advice arm, Equity Release Supermarket, adviser referral service Equity Release Partners, and Equitec, which provides specialist software to the sector. The survey did not include Equity Release Supermarket.

The study says that the “most shocking” errors displayed loan figures that mistakenly said that customers could borrow more than the largest loans available within the equity release market at the time, which was on 1 November.

In one example, an 85-year-old with a £300,000 property, was offered a loan amount of £181,500, representing a 60.5% loan to value, when the largest release available at the time of the study was a £159,075, or 53% LTV.

The research was conducted within two hours on the same day and was measured against the Iress product sourcing tool for advisers. Differing scenarios were tested, including the age of the customer, property values, and LTV ratios.

The results of the research found that 15% were completely unsuccessfully — such as data not being available  — “yet proceeded to capture consumer’s details under misleading pretences regardless”.

Also, a third of those calculators gave lower LTVs and loan amounts than Iress.

The firm says in the past financial data in the equity release market has been “somewhat behind in comparison to what is available in the traditional mortgage market”.

But adds that “more products and online platforms do now exist to enable consumers to research and discover their own personal financial options”.

Equity Release Group founder and chief executive Mark Gregory points out: “Online tools providing flexibility and choice around products, coupled with transparency is a step forward in making it possible for people to begin to understand the different products that might work for them, before then going through to an adviser.

“However, we need information available to be one hundred per cent accurate in order for consumers to instill trust and reliance in that data and within our industry.”