Key stands firm despite equity release hit

The firm revealed that inquiries nose-dived in the first quarter of last year after the Northern Rock affair, with calls to the firm dropping by 50%. Key's most recent analysis shows the 2008 equity release market dropped to £1.18bn, from £1.39bn in 2007, with the number of new plans was down 14%. Key's own results bucked the downward market trend, with the firm increasing lending by 4%, boosting its market share by 5% to 25% of equity release distribution in the UK. Dean Mirfin, business development director at Key Retirement Solutions predicts the sector will fair better in 2009, noti...