The number of outstanding equity release plans has risen to more than 100,000 for the first time with over 101,600 plans at the end of the second quarter of 2005, research from Key Retirement Solutions (KRS) reveals.
The specialist IFA says the total number of plans in the second quarter was 6929, up 8.58% on the previous quarter. But the value of plans taken out over the same period fell to £265m from their initial £277m in the first three months of 2005. KRS believes the somewhat paradoxical changes can be attributed to a combination of factors. Those with a lot of equity in their homes have great confidence in the market following regulation by the Financial Services Authority (FSA) of lifetime mortgage and are, as a result, increasingly buying these products. But with the property market slowing ...
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