Dominic Fraser-Smith, group manager for Norwich Union equity release, commented: “The Q1 results have revealed some extremely encouraging findings for our equity release division. This underlines how customers and advisers alike have benefited from our proposition enhancements and the strengthening of key IFA relationships in 2008. Volumes in Q1 have been driven by the significant pipeline of business (£75 million) coming out of 2008.
"We are also continuing to see high levels of business from the IFA channel, and an emerging trend of mortgage brokers and IFAs, previously not qualified or just ‘dabblers’ starting to submit business through us due to the difficulties in writing standard mortgage business.
“The current market position has an upside for equity release in that with fewer house sales and difficulties getting credit, equity release remains an attractive option.”
