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Equity release beats meltdown

Equity-release business rose by 14 per cent in the second quarter, according to figures from Safe Home Income Plans.

Ship says the increase, from to 275.7m from 242.7m in the first quarter is evidence that the equity-release sector is bucking the trend being seen in the mainstream mortgage market.

The intermediary market continues to dominate, although the percentage of intermediary business has dropped from 74 per cent in the first quarter to 71 per cent.

In terms of product type, the figures show continued growth in drawdown mortgages which have risen to 42 per cent of the market. Lump sum mortgages are still the most popular, with 53 per cent and home reversions represent 5 per cent.

Director general Andrea Rozario says: “This underlines the health of the equity-release sector despite the impact of the credit crunch that is having such a negative effect on the mainstream mortgage market.”

“It also serves to highlight the distinctly different forces that drive the equity-release market relative to the mainstream market, including the fundamental pressures of the UK’s ageing population, falling levels of pension contributions and very high levels of personal wealth in housing equity.”


Police probe Northumbria fraud

Police in the North-east are conducting an investigation into a suspected major mortgage swindle involving a financial adviser and his family.

Paragon in talks on takeover deal

Paragon has confirmed it has entered discussions with several parties over a potential offer for the firm. The buy-to-let specialist lender says it has entered into discussions and is providing some due diligence access.

Two year fixed rates now below 7%

The average two year fixed rate is now below 7 per cent after a number of lenders including Halifax and Nationwide Building Society have cut rates.

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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