Equity release lender more 2 life has reported that its lending by value through intermediaries took more than two-thirds of total business.
The lender achieved a market share of nearly 11% of the number of equity release plans sold through intermediaries in the first three months of 2014 consolidating its position as a top three lender. Total intermediary business in the three months for Equity Release Council members was £310.44 million.
However analysis of intermediary business at more 2 life shows 66% by value was on enhanced plans offering improved loan-to-value deals to customers with lifestyle or health issues.
More 2 life believes the strong sales of enhanced plans underlines the growth opportunities in the sector – but believes there is a need for more training.
It is planning a series of webinars in response to demand from advisers on enhanced equity release to expand training and support them in growing their businesses.
Stuart Wilson, marketing director at more 2 life, said: “Enhanced equity release is a growth area in a growing market which is delivering improved outcomes for customers when they need to boost retirement finances.
“However the potential of enhanced equity release is not being fully realised partly due to a lack of training for advisers and a reluctance to ask simple questions. Enhanced annuities have taken a major share of the market and enhanced equity release has the same potential.”
