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More 2 Life claims 9.3pc equity release share
Equity release provider More 2 Life has built up a 9.3% market share after just a year of operations, claims the provider.
The lender has now trebled its share of new business from the 3.5% market share it achieved in the last three months of 2010 which was its first full quarter of operation.
It forecasts a rise in remortgaging in the equity release market as customers take advantage of gilt-backed redemption charges which are currently based on historically low rates.
Jon King, managing director of More 2 Life, said: “The success of enhanced Equity release demonstrates the need for innovation in the market.
“Equity release has a bright future based on demographic trends but the industry needs to offer products which are suited to the needs of retired people.
“Enhanced equity release recognises and meets immediate customer needs to maximise capital from their property wealth when they need it.”
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