Mortgage broker London & Country is the latest big name planning an equity-release team and Zurich Advice Network is offering an equity-release product for the first time.
Leading IFA Hargreaves Lansdown recently announced plans for an equity-release team of three.
London & Country is advertising for an equity-release manager to head and develop a specialist team.
ZAN is also moving into the equity-release arena with Northern Rock's range of equity-release products being made available to its advisers. ZAN used to offer Bank of Scotland's shared equity appreciation mortgage but this is its first foray into equity release.
L&C mortgage expert David Hollingworth says: “The equity-release market is going to be huge. Our plans to develop a team are at a formative stage. I would like to see the market becoming more competitive and providers offering a flexible drawdown equity-release product so customers are able to draw money out when they need it rather than having to take a lump sum.”
Mortgageforce managing director Rob Clifford says: “This is a highly specialised area that needs concentration and focus. I am not surprised that some of these large firms are getting into it.”
Charcol senior technical manager Ray Boulger says: “This is a market that any mortgage adviser of a reasonable size needs to be in.”