This news coincides with the first anniversary of Mortgage Express’ entry into the equity release market.
The size of the equity release market has been growing steadily in recent years and equity release industry body SHIP recently reported record quarterly new business figures for the third quarter of 2004.
SHIP found that new lifetime business written in the third quarter of this year was £328.8 million. This was the highest amount ever for any quarter, and 30 per cent higher than the previous quarter.
Broker Sarah Stoddart of The Minel Group Ltd, says: ‘‘Mortgage Express’ lifetime product has been popular ever since it was launched 12 months ago. Its generous loan to values and the numerous product features, such as the no negative equity guarantee and competitive rate, gives customers greater peace of mind’’.
Roger Hillier, product development manager at Mortgage Express, says: ‘‘We are pleased to have captured so much of the market in such a short period. We put our success down to our innovative product, original approach and realistic pricing’’.
‘‘The growth of the lifetime sector is especially pleasing when you consider that many people have been focusing on getting ready for Mortgage Day, and there has been a fall in new lending in other areas. We will certainly be looking to increase our share of this market in the next few months’’ he added.
Roger Hillier will be speaking at the ‘Lifetime mortgages and home reversion plans’ seminar at the Mortgage Expo at 11.15am on Wednesday, 17 November.
