Equity release market on the up

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Equity release market on the up

The latest figures from Key Retirement Solutions show that the number of new equity release plans taken out increased by 8.6 per cent from 2007 to 2006, with total lending increasing by 23.5 per cent.

Over 30,000 new equity release plans were taken out last year, giving a total borrowing figure of £1.4 billion.

The average age of an equity release customer fell during 2007 to 68.4 from 69.6 the previous year, the first time in the history of the market that there has been a fall.

Key Retirement Solutions believe that this trend will continue as the number of equity release plans offered from age 55 continues to grow.

The majority of people use equity release for home improvements, although figures show that 40 per cent of people are now using some or all of the equity released for debt repayment.

The Times reported recently that as pressure on borrowers grows through tightened lending criteria and rising prices, bad debt charges have increased threefold, from £7.4 million in 2006 to £22.5 million last year.
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