In a discussion on BBC Radio 4, a panel of equity release figures were asked about the future of the market and revealed that at least ‘one or two household names’ are exploring an entry into the market.

Tom Moloney, financial advice manager at debt charity StepChange, said that new entrants were expected to enter the market in the near future.

“There are several new providers on the cusp of entering this market. It may be worth looking out for new products which are not out now but may exist six months down the line.”

Nigel Waterson, chairman of the Equity Release Council, added that he expected the market to grow on the back on new players entering the sector.

“There are certainly some companies, one or two household names, who are expressing an interest in coming into the market. It wouldn’t be right to mention them by name but we are very hopeful if the market is going to expand that will be partly due to new providers coming into the market.”