Safe Home Income Plans (SHIP) reported a 14% rise in equity release business volumes in quarter two 2008 compared to quarter one and Mortgage Express reported an increase in the number of ER enquiries to brokers. The credit crunch is one of many reasons thought to have fuelled interest in the sector along with an ageing population that are struggling to maintain their standard of living due to the rise in food and fuel bills and the turbulence in the stock market
Pink Home Loans is encouraging their appointed representatives to take advantage of this relatively untapped market currently worth approximately £1.3 billion. Neil Hoare, associate director of marketing & IT, commented: “We believe that this sector is going to see further growth in the future due to lack of pension provision, increasing levels of indebtedness, and the amount of equity tied up in housing to name but a few. I would suggest any intermediary who isn’t experienced in this area to consider becoming qualified to take advantage of the potential growing client base and also to provide their customers with a wider range of services.”
