SHIP sees a 5% increase in new equity release customers in 2009

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The leading equity release industry body, SHIP, have seen an increase in new customers looking to release equity in their property compared to this Quarter last year. Some attribute this to the recent rising house prices along with the shortfall that some see in their retirement allocations.

The fact that drawdown mortgages are now reported to take up 51% of the market suggests equity release is being used more as a scheduled supplement rather than for lump sum purchases.

Perhaps the increase is down to more government backing in the equity release industry after Baroness Hollis’ welcome intervention at the House of Lords:

Hollis claimed it was “distressing to see people unable to finance the retirement they need, while hanging onto an asset they could use.” See our views on the speech.

More recognition from the Government about equity release’s important role to play may see an even bigger increase for the next quarter.

Responsible Equity Release is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (https://register.fca.org.uk/) under reference 610205. Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,490. A lifetime mortgage may affect the value of your estate and your entitlement to means-tested state benefits. Our adviser will talk you through this and the setting up costs before you make any decision to proceed.


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