Newcastle Building Society is closing its equity release advice business, with the loss of five jobs.
Falling equity release volumes, prompted by the economic downturn, have made the sector uneconomical, the society says.
Newcastle Building Society Equity Release Service (NBSERS), which advises consumers on equity release products, will be closed by the end of the year.
In a statement today, Newcastle Building Society says: "The recent economic turbulence has led to a considerable contraction in the equity release sector which has led to the decision that NBSERS, which provides advice to clients considering taking out equity release, is no longer a viable option at this time."
Five roles will be made redundant as a result of the decision, and the building society has begun consulting with staff.
Oversees £30bn of advised and D2C assets
£1bn business since inception
Considered doing so in 2015
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