According to its latest results, Age Partnership accounted for £812m of new loans, with Pure Retirement making up £906m. This is up from £1.3bn in 2021, with Age Partnership contributing £640m and Pure Retirement brining £649m to the table.
Both companies reported a combined profit of £22m in earnings before interest, taxes, depreciation and amortization.
Age Partnership profit nearly doubled from £2.6m in the prior year to £5.02m, while Pure Retirement grew on its £13m figure in 2021 to £17m profit last year.
The companies said that equity release was growing in popularity due to a variety of factors, including better understanding, having interest rates fixed for life, no risk of home repossession if optional repayments are not made, receiving money tax free, no negative equity guarantee, the opportunity to gift money and help with inheritance tax planning.
Pure Retirement said to meet growing demand it had increased its headcount by 65 during the year to 677 employees, and it was investing in its “loan servicing and technical capability to support third party relationships for its services and products”.
The headcount for Age Partnership currently stands at 439 people.
The company added that it had £4.3bn loans under administration at year-end and this is expected to grow to over £5bn this year.
Pure Retirement and Age Partnership said in the final quarter of last year there had been “subdued funding appetite” due to the mini Budget but there were now “signs of recovery”, with customer demand remaining strong.
Advice Wise, a sourcing platform and mortgage club launched in 2019, is also reporting “rapid growth” and offers technology, specialist support and exclusive deals to financial advisers to “drive the growth of the equity release sector”.
Chairman of Age Partnership and Pure Retirement Andrew Thirkill (pictured) said growing UK market demand had allowed the company to help more people than ever before to release equity in their homes, which helped improve their lifestyle and that of their families.
He added that it to support the demand both firms had “outstanding teams” led by “highly experienced” chief executives Steve Auckland at Age Partnership and Paul Carter at Pure Retirement.
Thirkill said that both companies had been recognised for numerous industry awards.
