Key announces new business growth as equity release market expansion continues
30 November 2015
- Over one in three plans sold to end of Q3 arranged by Key Retirement
- Key sees total lending growth of 20% and retains number one ranking
Key Retirement advised on over one in three equity release plans sold in the first three quarters of 2015 as its total lending increased faster than growth across the market as a whole.
The leading over-55s financial specialist recorded 20% growth in lending in the nine months to September 30th compared with a year ago, to maintain its number one position despite increased competition.
The expansion comes as Key Retirement has just secured its 50th award for equity release advice excellence highlighting the commitment of its employees.
Key's growth outstrips total market growth - Equity Release Council figures for the year to the end of Q3 showed growth in total lending of 14%.
The year to date has seen new lenders such as Legal & General launching into the equity release market and Key has recently announced a sole introducer relationship with the insurer to deliver equity release advice to Legal & General customers.
Dean Mirfin, technical director at Key www.keyadvice.co.uk), said: "Specialist advice is critical to enabling customers to access equity release and to help the market fulfil its potential as a mainstream retirement income solution which is highlighted by the continued growth in demand.
"Our objective is to accelerate and build our market-leading position and we have ambitious plans for sustained, long-term, growth driven by continued innovation in advice and product design. We are already seeing the massive positive impact of the new pension freedoms and believe that wealth in the home will continue to become a central pillar of long-term retirement planning."
"It is especially rewarding that we announce the figures following our 50th award, an achievement for which we are all very proud, and which is testament to our long term commitment to this market."
Key was awarded Best Overall Adviser and Chief Executive Colin Taylor was presented with the Outstanding Contribution Award at the 2015 Equity Release Awards on Tuesday 24th November 2015.