More 2 Life increases market share to 9.3%
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More 2 Life is claiming a 9.3% share of the equity release market for Q3 2011, up from 7.2% in Q2.
It says it has now nearly trebled its share of new business from the 3.5% market share it achieved in Q4 2010, its first full quarter of operation.
The firm says around 60% of its customers are currently qualifying for the highest level of enhanced LTVs, between 34% for those aged 65 and 44% for those aged 75.
Jon King, managing director at More 2 Life, says: “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.”
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