Equity release sales set to double by 2013

Norwich Union is predicting annual equity release sales to double to £2.4 billion over five years.
It has made a number of predictions as part of a report on the sector compiled to celebrate its 10th anniversary in equity release on 16 November.
Norwich Union believes that the market will see referral deals where consumers can access [...]

Plenty of housing equity for over 65s still available

The latest findings from Prudential’s Equity Release Index show that despite falling house prices, homeowners aged 65 and over still have £692.06 billion of equity in their homes.
Prudential’s Index, which tracks the amount of equity held in the properties of people aged 65 and over in England and Wales, found that 42.45% of this equity [...]

SHIP wants Trading Standards action over Sale And Rent Back claims

Equity release provider trade body SHIP (Safe Home Income Plans) has today called on Trading Standards to take action against sale and rent back companies who it believes are misleading consumers with their websites or advertising.
SHIP is concerned that many websites are misleading because they fail to inform consumers up front the risks associated with [...]

Equity release sector to continue to strengthen

The continued strength of the equity release sector is likely to continue throughout the third quarter of 2008 and on to the end of the year, according to home reversion plan provider Bridgewater Equity Release.
In response to the recent increase in business volumes announced by Safe Home Income Plans (SHIP) for Quarter 2 2008, Bridgewater [...]

Hodge to hold CeRER training days

Hodge Equity Release has appointed InsynergiUK to provide training at a series of one day workshops throughout October. The workshows are designed to prepare new brokers and advisers for their Certificate in Regulated Equity Release (CeRER) examination.
In July Hodge Equity Release reported a growing interest in equity release among mortgage brokers attending their introductory seminars. [...]

Freehold founder launches equity release brand for packagers

Paul Brett, founder of the Freehold Packager Association, has launched specialist equity release brand Wakeswood Financial, which will operate via the packager market.
With more packagers looking for new products to market, according to Brett, Wakeswood is able to offer packagers a “valuable new string to their bow” and satisfy their introducers’ needs for something new [...]

Over 65s hold £726bn in home equity

Prudential’s latest Equity Release Index has revealed that homeowners aged 65 and over still have £726.43 billion of equity in their homes.
The Index, which tracks the amount of equity held in the properties of people aged 65 and over in England and Wales, discovered that over 40% of equity belongs to those living in London [...]

Bridgewater looks to smash reversion misconceptions

Bridgewater Equity Release is urging those intermediaries providing advice on equity release products to challenge any potential misconceptions they may have about home reversion plans and their suitability for different clients.
Through working with advisers at events, Bridgewater has been able to compile a range of arguments used by advisers against home reversions and show them [...]

SHIP comes under fire for moving goalposts

Safe Home Income Plans has been criticised for changing its reporting methods to ignore year-on-year falls in new business.
Last month the trade body revealed that for Q2 2008 the total value of new business was £275.7m. But whereas previously it made year-on-year quarterly comparisons, the latest figures are compared with Q1 2008.
In Q1, £242.7m in [...]

Just Retirement removes up-front fees

Just Retirement has announced the removal of up-front fees for its range of equity release mortgages, effective from 14 August until 31 December.
This new offering – which removes set-up and valuation fees on all applications, should save applicants an average of £700 and make equity release even more accessible to a wider market.
David Cooper, marketing [...]