The CML reported that the equity release mortgages sector is not performing well.
Equity release allows home owners to release cash from their property. However the CML believes that the poorest people in the UK are not helped by equity release mortgage deals, due to a number of factors including the Government’s position regarding equity release.
Additionally, some of the larger mortgage lenders backed off equity release products to maintain their reputation since equity release received bad press in the past.
The UK equity release market was estimated to be worth £1.2 billion in 2007, remaining almost the same compared to figures from previous years.
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