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Sixty nine per cent growth for equity release in 2003

Figures from the Council of Mortgage Lenders show that lifetime mortgage lending grew by nearly 69 per cent in 2003.

The CML says that over 25,000 lifetime mortgages worth over £1bn were advanced in 2003, up from 16,300 mortgages, worth £655m, in 2002.

Senior policy adviser Jackie Bennett says: “Lifetime mortgages represent just a third of one per cent of the total mortgage market, although business is growing rapidly. We see lifetime mortgages as a growth area, as older home-owners increasingly tap into their housing equity to fund a more financially secure old age.”

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