View more on these topics

Ship reports drop in equity release business

Safe Home Income Plans has revealed the total value of new business written in Q2 2006 was 262.8 million, a drop of 5.8 per cent on Q1 2006 income.

But the figures were 0.75 per cent ahead of Q2 2005, which stood at 260.9m.

Ship adds that, year on year, the number of new cases has risen strongly from 5,745 in Q2 2005 to 6,417 in the latest figures – an increase of 12 per cent.

It says this is explained by the growing popularity of drawdown mortgages. Year on year, the value of written lifetime mortgage business fell fractionally from 250.3m to 249.2m.

Home reversions accounted for 13.6m of new business, up 28.3 per cent from Q2 2005.

Ship chief executive Jon King says: Whilst overall business value figures are flat, the number of cases is still climbing as more and more people consider using equity in their homes to fund retirement lifestyles.

Drawdown mortgages are proving particularly popular and are a welcome development in the industry as it means that clients are not burdened with unnecessary debt but are instead taking out a product that is suitable for their immediate needs with a reserve fund available, should they require it, to draw on in the future.

Recommended

Fidelity special sits shareholders vote yes to split

Fidelity has received resounding backing from special situations shareholders to split the fund in two.The special shareholder meeting saw an unprecedented 88,000 take part in the voting process with 97 per cent voting in favour of splitting the 6.5n fund in two, one with the current mandate and the other a new global mandate. Fidelity […]

At your discretion

Recently I saw a new client who was dissatisfied with her existing discretionary fund managers and felt that her portfolio needed to be refreshed. She left us with details of the portfolio, so we were able to analyse what she had.

Win back public confidence

Advisers must regain the trust of the public if fall- ing sales are to be reversed and the protection gap closed, says Protection Intermediaries’ Forum chairman Andy Couchman. He says advisers at the latest forum in London also expressed concern at the growing length and complexity of protection application forms. Couchman says the combination of […]

Duffield sets his sights on working until 100

New Star founder John Duffield has answered IFA concerns about what happens to the firm when he retires by saying he intends to work until he is 100. Speaking to Money Marketing about New Star’s fifth anniversary this week, Duffield, who is 66, says: “I was asked once when I planned to retire and I […]

How can I help develop my professional connections?

Graeme Ballantyne, business consultancy manager, looks at how you can maximise the opportunities through your professional connections As we move through the summer months it’s perhaps a good time to pause and reflect on whether the plans you’ve made for your business are bearing fruit. One area we at PruConsulting know many advisers have been […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment