OneFamily Lifetime Mortgages has joined the Equity Release Council, following the launch of its maiden lifetime mortgage products earlier this month.
The firm follows new entrants Legal & General Home Finance last year and Pure Retirement in 2014, joining existing provider members Aviva, Bridgewater, Hodge Lifetime, Just Retirement and Partnership, LV, More 2 Life, Retirement Advantage and Retirement Plus.
The ERC now represents more than 400 individual members and 150 member firms, including providers, qualified financial advisers, solicitors, surveyors and other industry professionals.
Key Retirement’s recent analysis of industry data showed ERC provider members accounted for 95 per cent of all equity release lending during the first quarter, totaling £393.9m.
The market’s post-recession recovery has seen annual lending via ERC members more than double in size from £788m in 2011 to £1.61bn in 2015; up by a third from the pre-financial crisis peak of £1.21bn in 2007.
Nigel Waterson, chairman of the ERC, said: “Our members have led the way in establishing a safe and reliable market for consumers, by providing guarantees about the standards of advice and products they will receive from firms who carry our logo.
“This work will continue as the sector explores new ways to combine innovation with protection and long-term sustainability.”
Georgina Smith, managing director of OneFamily Lifetime Mortgages, said: “When we launched our intention to enter the lifetime mortgage market, we said that all of OneFamily’s plans would be underpinned by The Equity Release Council safeguards and be based on the highest ethical standards, as befits a mutual organisation.”
peter.walker@ft.com
