You are here: Home - Equity Release - News -

Legal & General targets £100m equity release lending

0
Written by:
05/03/2015
Legal & General has announced plans to complete £100m of lending to the equity release market this year.

The insurance provider announced the acquisition of equity release lender NewLife earlier this year and now expects to write significant amounts of business.

The NewLife deal is expected to complete in the first half of 2015 and will signal Legal & General’s first foray into the lifetime mortgage market.

Legal & General said it expected this level of lending would increase above £100m in subsequent years.

Nigel Waterson, chairman of the Equity Release Council trade body, welcomed the news and said the market would continue to grow.

“There is already a strong momentum in the equity release market, and today’s comments from Legal & General that it expects to write over £100m of business this year – and more in future – is another sign that this trend will continue,” he said.

“More people are tuning into the fact that unlocking even a small portion of their housing wealth can make a major difference to their quality of life beyond the age of 55.”

Waterson said new providers increased competition and standards in the sector.

“Recent years have seen new providers, products and flexibilities emerge alongside the existing safeguards, protections and high standards of advice,” he added. “We look forward to more of the same in 2015 as the industry responds to meet growing demand.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2019-2020

Download our guide to the best mortgage lenders in the UK

Read More >

Read previous post:
Property fraud service hits 19,000 sign-ups

An alert service set up by the Land Registry to prevent property fraud has been used by more than 19,000...

Close