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Mixed results for equity release mortgages, figures show
Fri, 04 Aug 2006
More UK residents are able to find a remortgage, although the total value of the equity release market is falling, according to research.

The number of new equity release mortgages rose by two per cent from the same period in 2005, from 10,877 to 11,130, the Council of Mortgage Lenders figures reveal.

However, a decline of seven per cent in total value was recorded from the first six months of last year, from £493 million to £460 million.

Laurence Baxter, senior policy adviser of the Council of Mortgage Lenders, commented: "More people are taking out equity release mortgages, showing that slowly but surely, the market is continuing to grow.

"Consumer confidence will continue to improve if the good practices of providers and some intermediaries become more widespread across the market."

Recent figures from the Council of Mortgage Lenders show that the total number of equity release mortgages is 113,678, worth over £5.8 billion.

Meanwhile, Ali Crossley, the director responsible for lifetime mortgages at Prudential, recently stated that the growing number of UK residents able to find a remortgage is "encouraging".

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