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Equity release mortgages set to grow
Mon, 17 Mar 2008
The equity release mortgage market in the UK has "huge potential", a new report has claimed.

According to a report drawn up by the Council of Mortgage Lenders, an aging population and potential pension shortfalls mean that the equity release market will grow in coming years.

Writing in the report, Peter Williams, an independent consultant, said: "Looking at the wider context it is clear that equity release will continue to grow. The reality, however, is that it will grow much bigger and faster if the industry moves forward in more creative ways."

The study also suggests that a more positive stance from the government and larger mortgage lenders could help transform the market in the UK.

Last week, the government was criticised by some for not doing enough to help first time buyers in the 2008 budget.

Duncan Samuel, managing director of convex.net, said that the measures included in the budget will only help a small proportion of first time buyers.

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