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Equity release market breaks Q1 record

Equity release market breaks Q1 record £1.14bn accessed The total value of property wealth accessed has hit its highest level ever for a first quarter, figures from the Equity Release Council have revealed. The first quarter of 2021, which the UK spent largely in lockdown, saw £1.14bn accessed by 16,527 homeowners over the age of 55. This latest figure represents a 7% rise year-on-year from £1.06bn in Q1... Sign In To read this story please register PA is dedicated to championing professional advisers. It helps you build your business, service clients and generate sustainable income. PA offers: MULTI-ASSET: discover the latest trends in multi-asset

Equity Release Council re-elects board members

22 nd April 2021 3:21 pm Equity Release Council members have re-elected Will Hale, Paul Turner and Dan Baines to the executive board for a further two years. Key’s chief executive Hale, Just Group managing director of retail Paul Turner and Equity Release Associates managing director Dan Bains will remain alongside the 13 other main board members who are still part way through their current terms.  The Council has also appointed Answers in Retirement chief executive Stuart Wilson to its standards board, as well as James Ginley who is about to join e.surv as technical director in May. The Council’s membership increased by 24% in the last financial year with the 600th member firm joining this month. 

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Households repay record £17.6bn mortgage debt

Households repay record £17.6bn mortgage debt By Roger Baird 12 th March 2021 12:17 pm UK households repaid a record £17.6bn of mortgage debt, while one-in-six mortgage payers have been granted payment holidays by lenders, highlighting the polarisation between homeowners brought on the pandemic. Households paid back the record sum in the final three months of last year — equivalent to £192m a day – “as savings made under lockdown helped some existing borrowers to reduce their debt commitments”, according to trade body the Equity Release Council. However, 2.75 million households under financial pressure have agreed mortgage holidays, according to a report by banking body UK Finance last month. These deferrals amount to £755 per month of suspended payments on average.

Equity Release Council unveils Funders Forum

Equity Release Council unveils Funders Forum By Gary Adams 10 th March 2021 9:26 am The Equity Release Council has announced formation of the Funders Forum, a committee made up of later life lending experts. The committee’s job will be to guide the ERC through regulatory changes and consultations as well as supporting market growth and retaining consumer safeguarding standards. It says that all ERC council members are eligible to join the forum. The forum “Will provide later life funders with a setting for healthy discussion and debate to anticipate and address market developments,” says forum chair and head of Phoenix Equity Release Scott Robertson.

Equity Release Council launches adviser education course with Canada Life

Equity Release Council launches adviser education course with Canada Life By Roger Baird 23 rd February 2021 10:50 am The Equity Release Council has launched six educational modules to aid the development of financial advisers in the equity release and later life lending market. The modules provide an educational syllabus with three pathways based on advisers’ levels of experience. The council has worked closely with specialists across the sector, including Canada Life which played a leading role in developing the six modules, which have each been piloted among advisors. The modules cover the areas needed to advise consumers effectively: understanding the industry, market, clients, soft skills, products, and industry processes.

Final quarter push helps equity release numbers recover in 2020: ERC

Final quarter push helps equity release numbers recover in 2020: ERC By Gary Adams 28 th January 2021 9:54 am There were 40,337 new equity release plans agreed in 2020 compared to 44,870 in 2019, the Equity Release Council has revealed. The ERC points to 11,566 new plans agreed in the final three months of 2020, some of which were decisions made earlier but put on hold as the Covid-19 crisis played out, as proof of sector resilience in a turbulent year. The final number of new and existing customers served across 2020 came to 72,988 while total lending to new and existing customers came to £3.89bn – £1.16bn of which was accessed in the final quarter of the year.