You are here: Home - News -

NU is dominating equity release market, says SHIP

  • 05/09/2002
  • 0
The equity release market grew by 33% over the last year, according to figures released by Safe Hom...

The equity release market grew by 33% over the last year, according to figures released by Safe Homes Income Plans (SHIP), with Norwich Union (NU) revealed as market leader.

The first six months of 2002 saw £313,186,163 worth of plans sold. SHIP splits its figures into mortgage products and reversion products, where part of the home is sold to an equity release company.

In the first six months of 2002 reversion plans to the value of £95m were sold, compared to £89m in the same period last year. The market is growing at 14% a year and SHIP estimates it will be worth £108m in 2004.

The current split between reversion plans to mortgage plans is 22% to 78%.

Almost £218m worth of mortgage plans were sold in the first six months, with 62% share of the mortgage plans market by volume going to NU. This translates into a total market share, including reversions, which NU does not sell, of 48% by volume.

Paul Stokes, head of marketing propositions for NU Equity, said: ‘People are realising equity release is good news and are delighted with the benefits it provides. For IFAs it is a great opportunity to offer clients a financial product they benefit from immediately.’

But Dean Mirfin, business development director of equity release specialists Key Retirement Solutions, said: ‘This is due to a lack of knowledge of what else is available and NU’s talent for marketing itself to IFAs. NU’s percentage is different in our own business, because it is not a case of one size fits all.’


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Flexible deals help 25% of borrowers overpay

A quarter of those with flexible mortgages are either overpaying by 100%, or adding lump sums to red...