Safe Home Income Plans (SHIP), has reported solid business figures for the three months to 31 March 2005.
SHIP says it has written new business worth £251.4m, up 3.3% from the same period in 2004 (£243.3m).
Lifetime mortgage business written represents 95% of the total at £238.1m, while the value of Home Reversions written business accounts for the rest, with SHIP adding new business is now equivalent to £1.2bn on an annualised front.
Jon King, Chairman of SHIP says: “This quarter’s figures represent a good start to the year, against a background of weak general mortgage lending, with business ahead of the comparable prior year period. The first quarter traditionally sees the lowest levels of equity release business written, because equity release is a product taken out after several months of advice and consideration – which often starts at the beginning of the year.”
Looking ahead, SHIP expects strong growth for 2005, due to what it believes will be a stability in housing prices, along with the addition of high profile new providers and products entering the market.
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