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Equity release market increasing year on year, expert states

Tue, 01 Aug 2006

More UK resident are looking to find a remortgage in order to take control of their finances as part of their income upon reaching retirement, an expert has claimed.

Furthermore, the trend is "encouraging", as it allows customers to have greater control and flexibility over how much money they need to support their retirement income, claims the analyst.

The comments were made by Ali Crossley, the director responsible for Prudential's lifetime mortgages, in the wake of the recent Safe Home Income Plan results.

"With drawdown plans up nearly 12 per cent from the first quarter, it demonstrates that customers are looking to have more control over when and how much money they require to supplement their retirement income," he said.

Mr Crossley adds that Prudential's research shows that around 12.9 million people intend to utilise equity release in their home as part of their retirement income.

However, Mr Crossley also asserts that companies could do more to help individuals unlock the potential in their homes.

Recent research conducted by Norwich Union suggests that home improvements are another popular choice from individuals planning to find a remortgage to release their property's equity.

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