Equity release products have quadrupled in three years
Equity release product numbers have more than quadrupled in the past three years to 314, according to Key Partnerships.
The specialist equity release business said that in 2019, there has been the equivalent of a new equity release product launched every 48 hours.
Later life borrowers now have over 314 plan options – an increase of more than 300% from just 73 plans at the end of 2016. The growth in the number of options has almost doubled this year rising by 95% from 161 to 314 at the start of this month.
There has also been a significant increase in the number of features available, said Key, which found that 67% of loans allow ad hoc payments and 52% lend on sheltered or age restricted properties.
The number of plans offering downsizing protection has more than doubled.
Jason Ruse, head of Key Partnerships said: “While lending in 2019 has been subdued, product innovation has not and advisers now have almost double the number of products to choose from and the widest range of features ever seen in the market.
“Guided by their advisers, consumers can now choose the product which ideally fits their circumstances – choosing to repay interest, make one off capital payments or protect their family’s inheritance as they see fit.”