The equity release market has enjoyed its third successive year of growth according to figures from the Equity Release Council (ERC.)
The total value of the market reached £925.7m by 2012's year end, a 17% increase from £788.6m in 2011. Andrea Rozario, director general of the ERC [pictured] said the figures represented a "great conclusion to what has been a landmark year for the Equity Release Council." The average value of equity release plans also hit a 14 year high at £52,191. ERC attributes this to more people carrying debt into retirement and addressing outstanding balances on products including interest-only mortgages. In addition, drawdown mortgages increased their market-share to two-thirds (66% or £610m)...
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