Equity release borrowers took out 8,700 more mortgages in 2003 than the previous year, according to figures from the Council of Mortgage Lenders (CML).
One billion pounds worth of loans completed in 2003, in comparison with an estimated loans outstanding total of £2.85 billion, 0.33 per cent of the total mortgage market.
The average agreed loan amounted to £44,000 and the typical minimum age for borrowers was 60.
L&G offers newly weds extra protection
Legal & General is offering newlyweds 10 per cent extra coverage on household insurance, for free, to protect them from burglars over the wedding and honeymoon period.
The two-month uplift offers the extra coverage for wedding gifts, as head of marketing, Andy Sampson, explains: “Couples should be aware that the value of gifts might exceed their insurance limit, so if the worst does happen, apart from the obvious emotional distress, they may not even be able to replace the goods which is why we included it in the terms.”
Platform trains up managers
Platform, the Britannia Building Society subsidiary, has sent 30 of its senior managers to the Institute of Leadership and Management (ILM). The training aims to improve employee performance with a strong focus on the role of team leaders and dovetails into Platform’s annual employee appraisals, development and employee reward schemes.
By July, all hope to have the Introductory or full ILM certificates in team leading.
