Equity Release Rate Slows
Number and value of new equity release mortgages falls
10th August 2005
Figures released yesterday showed that the number of new equity release mortgages fell in the second quarter of this year, with 5,588 mortgages worth £252m taken out according to the Council of Mortgage Lenders (CML).
The figure represented a slight drop on the same period last year, which saw 6,131 new mortgages worth £281m, but continues the downward trend from the last quarter of last year where equity released totalled £345m.
CML said that the drop was in part down to the subdued property market, which meant that not only were people less confident about releasing equity, there simply wasn't as much to release.
Despite the fall in new business, the total number of equity release mortgages still rose by 6%, and were worth a total of over £4.5bn.
Read More: Money Guardian : Slow down in take up of equity release mortgages
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