Nigel Waterson, Chairman of the Equity Release Council, says:

“Today’s figures from Legal & General are the latest indication that UK homeowners increasingly view housing wealth as a key component when financially planning for retirement. With equity release lending having surpassed £0.5bn for the first time across the sector in quarter one of 2016, the news that Legal & General plans to lend £500m this year serves to further enhance the momentum now within the sector.

“Since entering the market in 2015, Legal & General has helped to meet rising consumer demand for equity release products and their recently announced partnership with Santander is set to help more consumers unlock wealth through their home.”

-ENDS-

For further information, please contact:

• Jordan Campbell or Will Muir at Instinctif Partners, on 020 7457 2020 or email [email protected]

About the Equity Release Council – www.equityreleasecouncil.com 

The Equity Release Council is the industry body for the equity release sector, which represents over 400 members including providers, qualified financial advisers, solicitors, surveyors and other industry professionals.

It works to ensure a safe equity release market for consumers, by operating rigorous Standards for the provision of advice and products which guarantee security of tenure and financial protections. 2016 marks the 25th anniversary since the first industry Standards were created for equity release in 1991. Since then, over 350,000 consumers have taken out an equity release plan from Council members, drawing on almost £17bn of housing wealth.

The Council also works with consumers, industry and policy makers to improve awareness and understanding of equity release and the potential for housing wealth to help solve many of the financial challenges facing people over the age of 55 across the UK.