Equity release advances increased by 10% over the past year for SHIP members.
The figure rose to £199.1m (Q 2012), up from £181.6m in Q 2011. The number of plans also jumped from 3,838 to 4,057 in the same period. Andrea Rozario, director- general of SHIP said: "These figures show that there is a growing appetite among consumers for equity release products." However, there was an 8% fall in the value of plans (£215.9m) and number of plans (4,399) from Q4 2011. The company says this is the norm as consumers rein in their spending after the festive season. Drawdown mortgages are still the market leader, accounting for two-thirds (67%) of the market followed by...
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