Latest News from Age Partnership

Coventry Building Society enters the equity release market

The UK’s fourth largest building socienty, Coventry, has entered the equity release arena as a product provider through its specialist lending arm, Godiva Mortgages.

And whilst the entry of such a trusted name will help to provide consumers with further confidence about the safe, modern plans available, it is perhaps Godiva’s unique plan features that will provide most cheer.

Godiva has launched the only lifetime mortgage available in the UK with no early payments. This means that, you have the option to pay off as much or as little of the lifetime mortgage as you like, with no penalties whatsoever. Of course, as with all lifetime mortgages, you’re never under any obligation to make repayments and you continue to own your own home 100%.

"This is an exciting time for equity release," said Age Partnership’s Sales & Marketing Director, Dan Baines, speaking in a number of leading financial services publications.

"The entry of a trusted name such as Godiva Mortgages into the market will help to build both intermediaries’ and their customers’ faith in this product sector."

If you would like more information on this new plan, which allows you to make any repayments you like, when you like and without penalty, speak to one of Age Partnership’s equity release specialists without obligation by calling freephone 08080 555 500.

SHIP announces strong growth in Equity Release during first half of 2007

Industry body SHIP (Safe Home Income Plans) which represents more than 90% of the UK Equity Release sector has reported further strong growth in the market.

The total number of new equity release plans sold in Q2 2007 increased 16%, year on year with the figures for the half year up by 11% from 2006. Drawdown mortgage options continued to increase significantly and represented the most pronounced growth of all equity release business for SHIP members. These plans now account for almost 47% of all new equity release plans sold compared to 21% in Q2 2006.

Jon King, Chief Executive of SHIP commented: "This quarter’s figures demonstrate tremendous growth in business for SHIP members and the equity release market as a whole. The number of new plans sold represent not only a record second quarter but also contribute towards a record half year since figures were recorded. As customers become aware of the growing flexibility within equity release, and the options available to them it seems more people are becoming aware of the benefits such plans can offer and see equity release as a real alternative to help fund their retirement".

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Common Questions

• How will equity release benefit me?
• What types of equity release are available?