Equity release market on increase

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Equity release market on increase

Tue 9th Aug 2005

The Council of Mortgage Lenders has found that over the first six months of 2005, equity release loans with a total value of £492 million were borrowed.

And though the growth is slower than the second half of 2004, experts believe that this can be partly attributed to seasonal factors as well as the downturn experienced in the housing market.

Jackie Bennett, senior policy adviser at CML, said: "Today's figures demonstrate how lenders, intermediaries and consumers are taking a cautious and responsible approach to opening up the equity release market."

She added that given the amount of unreleased equity still available to over 65's, the equity release and lifetime mortgage area still has room for massive potential growth.

And as equity release is becoming more and more popular, with recent research showing a higher number of people taking out lower value loans, the market looks set to remain stable.

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