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Rock exits equity release

Northern Rock is the latest provider to leave the equity-release sector after withdrawing its lifetime mortgage range this week, blaming low customer demand.

Rock says existing lifetime mortgages will continue to operate as normal and it will continue to process any submitted cases through to completion.

Last week, Saffron Building Society said it was stopping lending lifetime loans for the rest of 2009 following both Coventry Building Society and Retirement Plus’ decisions to temporarily stop lending.

In Retirement Services went into administration and Newcastle Building Society Equity Release Advisers has suspended business in recent months.

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