Monday, September 28, 2009
Equity release providers now getting squeezed out of market
Saffron Building Society has become the latest equity release provider to temporarily pull out of the sector. Money Marketing understands that the provider has chosen to pull its lifetime mortgage range for the rest of the year after it reached a satisfactory level of lending. Its website says its equity release proposition is "under review". This comes after both Coventry Building Society and Retirement Plus revealed they were to temporarily cease equity release lending. Also, multi-tied advisers Newcastle Building Society Equity Release Advisers and In Retirement Services have ceased doing business over the last two months.