Mortgage News
Newcastle confirms equity release exit rumours
Newcastle Building Society has confirmed recent speculation that it is to exit the equity release advice market, with plans for the closure of Newcastle Building Society Equity Release Service (NBSERS) by the end of the year.
This follows the news that several other major players are also withdrawing from equity release, with the Coventry Building Society recently mothballing its offering.
The lender said the recent economic turbulence had led to a “considerable contraction” in the equity release sector which had led to the decision that NBSERS was no longer a viable option at this time.
The building society confirmed five posts will be made redundant and consultation has now begun with the individuals affected.
More to follow
