Coventry Building Society has become a member of Safe Home Income Plans (SHIP), the industry body for the equity release sector, ahead of the launch of its equity release range.
Coventry is planning to release a range of equity release products in early 2008 and has joined SHIP as part of its move into the growing equity release market. The building society already has experience of the sector through a long-running partnership with Norwich Union.
Commenting on the announcement, Jon King, chief executive of SHIP, says: “As one of the UK’s leading mortgage lenders and fourth largest building society, [Coventry] is a well-known and highly regarded financial services provider. This is also a highly significant development in the growth of the equity release sector, reflecting its continued expansion from “niche” to mainstream.”
The announcement brings SHIP member numbers to 20, representing over 90% of the industry. SHIP aims to help IFAs and consumers to trust the integrity of equity release products through professional rules of conduct, which all members must follow.
Colin Franklin, head of sales at Coventry Building Society, says: “We are pleased to be joining SHIP and believe our reputation for innovation, combined with responsible and prudent lending, will position us strongly within this growing market.”
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Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October