Lifetime mortgages up 11% on 2003

Lifetime mortgages totalling 348m were advanced in the third quarter of 2004 according to an equity release survey conducted by the Council of Mortgage Lenders.

Almost 7,500 were advanced, representing an 11% increase on the same period in 2003.

At the end of the third quarter of 2004, the total number of lifetime mortgages outstanding had grown to an estimated 76,000, worth around 3.7bn, an increase of 42% on the third quarter of 2003.

Comparison of the CML’s data on the equity release market with that provided by Safe Home Income Plans reveals a continuing decline in the provision of home reversion schemes.

The value of home reversion plans advanced, declined from nearly 60m in the first quarter of 2003 to 10m in the third quarter of 2004.