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UK mortgage holders attracted to equity release
Date: Mon, 27 Jun 2005
Many UK mortgage holders are considering whether to release equity from their home.
Research conducted by Mintel shows that over the last eleven years the equity release market has grown by a factor of 50.
Mintel also concluded that one homeowner in nine has released equity from their home, with around one in five of those who have not yet released equity already considering the option.
The increase in the number of those taking up equity release is mainly due to longer life expectancy rates, declining state pension provision as well as trend away from company pension schemes.
"Current market conditions mean that the equity release sector is ripe for further growth," said Paul Davies, senior finance analyst at Mintel.
"Many older people are becoming increasingly asset-rich but cash-poor. In other words, although they own their own home, which is often worth a considerable amount of money, they have to survive on relatively modest incomes, which means they may look to generate additional income from the home through an equity release scheme."
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