Equity release is becoming an increasingoly popular alternative for older home-owners according to the latest data from the Council of Mortgage Lenders, suggesting lifetime mortgage lending increased by more than two-thirds in 2003.
The CML says over 25,000 new lifetime mortgage - worth more than £1bn - were issued in 2003, compared with just 16,300 mortgages in the previous year. This total a 69% growth in the number of mortgages issued. Currently, there are around 69,000 lifetime mortgages outstanding worth £2.85bn. Jackie Bennett, CML senior policy adviser, says: "We see lifetime mortgages as a growth area, as older home-owners increasingly tap into their housing equity to fund a more financially secure old age." "Against this backdrop we welcome the fact that lifetime mortgages will be regulated under th...
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