Lifetime mortgages popular among Brits
January 23, 2007 by admin
Filed under News, News-Mortgages
Lifetime mortgages and other equity release products are becoming more popular among Britons.
That is according to Safe Homes Income Plans (Ship), which says that a record-breaking £1.2 billion worth of lifetime mortgages were sold in 2006.
The firm has revealed that 2006 was a record year and, considering the way the market is growing, it expects to see that figure rise to £1.7 billion in 2007.
“The equity release market has come a long way over the past decade and has made very real strides in its attempt to rid itself from the scepticism that surrounded it in the early years,” said chief executive of Ship Jon King.
“Equity release has never been cheaper, more accessible or – with full regulation imminent in 2007 – safer.
“Modern drawdown products are a far cry from the inflexible, poor value products of the past,” he added.
A fall in the cost of lifetime mortgages due to increased competition is being touted as one of the main reasons behind their surge in popularity.
