Prudential Withdraw From Equity Release Market

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It was announced yesterday that Prudential are pulling out of the equity release market come the beginning of next year. Whilst this may  come as a shock to those who see the exponential growth of equity release happening as we speak, it is tempered by the fact that it seems to be a corporate operations decision rather than one to do with the market itself.

A lack of access to the appropriate funding required by the equity release market was cited as a potential reason by the Financial Times.

The Director General of Safe Home Income Plans had the following to say:

“In the current economy finding sufficient funding is an issue that many organisations face and this shows that equity release is not immune to these issues.”

Prudential have announced that the terms and conditions for all their existing customers will be honoured, it is just new business that they are stopping.

Aviva and Just Retirement, two of the three major equity release providers, have come out and declared that are very much still in the equity release business and are excited by the equity release market.

For more info read http://www.ft.com/cms/s/2/3614480a-d8f0-11de-99ce-00144feabdc0.html

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