21 Jan

Increase in demand for equity release

Increase in demand for equity release

The amount of equity release requested by retirees increased to £1.4 billion in 2007, according to research by Key Retirement Solutions.

Figures show that the equity release market grew by nine per cent from the previous year, with a decline in demand for the standard lifetime mortgage.

Business development director at Key Retirement Solutions Dean Mirfin commented: "Despite the ever volatile landscape of the UK economy, the demand for equity release continues to rise."

Mr Mirfin added that the market for home reversion plans has remained constant, after coming under regulation in April 2007.

In November 2007, Key Retirement Solutions warned that retired people should be wary of some 'sell and rent back schemes' as the market was not as strictly regulated as traditional mortgages and equity release.ADNFCR-1222-ID-18434821-ADNFCR

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