More 2 Life lending into Scotland

Yuan Phoon

December 1, 2011

Its plans will be available through Key Retirement Solutions with the aim of expanding to other specialists during 2012.

The group said it had seen the market for enhanced equity release grow from nothing at launch in the third quarter of 2010 to 9.3% of the total equity release market by the end of September 2011.

John King, managing director of More 2 Life, said: “We have wanted to lend in Scotland since launch last year as it is a key market for equity release and a strong growth area.

“The differences in the legal systems meant we had to make sure we had the systems in place to handle demand before expanding into Scotland and are confident we will see further success.

“Experience so far shows around 60% of customers are qualifying for the highest level of enhanced loan to values ranging from 34% at age 65 to 44% at age 75 as brokers focus on health issues in their equity release fact find.”

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