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HomeNewsAn equity release product launched every 48 hours in 2019
An equity release product launched every 48 hours in 2019
19 November 2019 - 03:36 PM
New analysis from Key Partnerships, the equity release referral service for the UK’s leading specialist adviser Key, highlights that we have seen a new equity release product launched every 48-hours thus far in 2019.
With lenders focusing on improving features and innovating to meet borrower’s needs, advisers and their customers 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 accelerated this year rising by 95% from 161 to 314 at the start of this month.
Number of equity release plans on the market
Year on year change
End October 2019
Full year 2018
Full year 2017
Full year 2016
In addition to an uplift in the number of equity release plans on the market, there has also been a significant increase in the number of features available. The number of plans allowing interest payments have grown substantially from just 10 at the start of the year to 81 now while lending on sheltered or age-restricted properties has also become more readily available with 164 plans now offering it compared with just 48 in January. The number of plans offering downsizing protection has more than doubled.
Total products with the feature at end of october 2019
Percentage with the feature at the end of 2018
Year on year change
Fixed early repayment charges
Lend on sheltered or age restricted properties
One off repayments
Jason Ruse, Head of Key Partnerships said: “While lending in 2019 has been subdued, product innovation has not and advisers now have 95% more 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.
“This is great news for customers but can be hugely challenging for advisers who do not regularly advise on equity release as thus far in 2019, we have seen a new product in the market roughly every 48-hours. Helping valued customers to make the right choices around their housing equity is at the forefront of all advisers’ minds and working with a specialist referral service removes all the regulatory and compliance worries while enabling them to maintain a valuable client relationship.”
Download the Q3 Equity Release Market Monitor report here