Equity release advances increased by 12% in Q3 for Safe Home Income Plan's (SHIP) members according to its most recent market figures.
The figure rose from the previous quarter's total £184.9m to £206.2m, the highest level of lending seen since Q1 2010 (£213.4m). Additionally, the number of new customers grew by over 10% from 3,710 in Q2 to 4,148 in Q3. Drawdown lifetime mortgages remained the most popular option, accounting for 61% (£126m) of market sales. This is followed by lump sum lifetime mortgages at 36% (£75m), with home reversion schemes accounting for 2% (£5m) of all sales. The average equity release amount remained stable in Q3 at £49,703, slightly below Q2's average of £49,830. However, this figure has ri...
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