Mixed results for equity release mortgages, figures show by Finance News Bulletin

Published: 11/11/06

More UK people are able to find a remortgage, although the total value of the equity let go market is falling, according to research The figure of new equity release mortgages rose by two per cent from the same period in 2005, from 10,877 to 11,130, the Council of Mortgage Lenders info revealHowever, a decline of seven per cent in total value was recorded from the first six months of last year, from £493 million to £460 millionLaurence Baxter, senior rule adviser of the Council of Mortgage Lenders, commented: "More persons are captivating out equity release mortgages, showing that slowly but surely, the marketplace is continuing to grow

"Consumer confidence will continue to improve if the high-quality practices of providers and some intermediaries become more widespread across the market"new figures from the Council of Mortgage Lenders show that the total number of equity release mortgages is 113,678, value over £58 billionMeanwhile, Ali Crossley, the manager responsible for lifetime mortgages at Prudential, recently fixed that the growing number of UK residents able to find a remortgage is "encouraging"

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