Equity release 'increasing in popularity'

More and more over 50s have been turning to equity release products and drawdown mortgages to boost their finances in the past three months, according to new research.

Statistics published by product provider Safe Home Income Plans (Ship) have revealed a five per cent increase in new equity release customers from April to June compared to the first three months of the year.

Drawdown mortgage sales have also increased by 14 per cent in the same period.

Responding to the figures, Ship expressed its optimism in the continuing popularity of the market and suggested that distribution channels for equity release products needed to be expanded to fully capitalise on potential demand.

Andrea Rozario, director general of Ship, said: "It is encouraging to see that the equity release market is starting to see evidence of some positive movement Consumers are once more starting to believe in the UK housing market."

The figures tally with those released earlier this month by Key Retirement Solutions, which showed a nine per cent increase in the sale of equity release plans as over 50s look to fund home improvements and assist family members financially.

To view businesses and services in our Equity Release section click here

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