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Mortgage lenders selling more lifetime products
Fri, 02 Feb 2007
A survey by the Council of Mortgage Lenders has revealed that the number of people taking out lifetime mortgages in 2006 rose to 23,786.

This compared with 23,215 consumers turning to mortgage lenders for such products in 2005, with the total value of lifetime mortgages now over £6 billion.

Lifetime mortgages allow borrowers to get to their money when they need it, something that is particularly carried out by Britons in their later years, said the Council of Mortgage Lenders.

"The move towards greater use of flexible features that allow people to draw down money as they need it, rather than all upfront, will… have helped the trend," commented Jackie Bennett, head of policy at the organisation.

"This is all good news for older people looking to release equity from their homes."

Homeowners in east London looking to take advantage of lifetime mortgages might find that their luck is in, following new research.

Figures from mortgage lender Halifax out today suggested that house prices in the area are rising as a result of the 2012 Olympics, potentially allowing lifetime mortgage holders to draw down more equity from their homes.

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