Figures released by Safe Home Income Plans (SHIP) also confirm its position as UK’s leading provider of lifetime mortgages, with a total market share for 2004 of more than 40%.
Mark Kelly, director of Norwich Union Personal Finance, said: “Norwich Union's figures are excellent. In Q4 of 2004, we wrote more lifetime mortgage business than in any other quarter and our figures are up about 11% on the same period last year.
“This is further evidence that the platform created by the introduction of mortgage regulation last year is having a real impact on consumer confidence.
“We anticipate continued market growth in 2005, and the figures released by SHIP are encouraging. They show that more and more people are realising the benefits that taking out a lifetime mortgage can bring.”