Legal & General generated £620m in equity release - so-called 'lifetime mortgages' - completions and grew its market share to 29 per cent in 2016.
The lender was the market-leading provider of lifetime mortgages (based on new business origination) in the fourth quarter of the year, generating £236m in new business and achieving a market share of 35 per cent in the quarter.
The total value of lifetime mortgage assets under management by the group since its entry into retirement lending market following the acquisition of New Life Mortgages in February 2015 has now risen to £1bn.
Steve Ellis, managing director at Legal & General home finance, said: “From standing start to total lending of over £1bn in less than two years is a great achievement.
“Everyone involved with Legal & General Home Finance has worked tirelessly with customers and advisers as we’ve built our business, but this is just the start of our journey.”
Bob Riach, principal at Scunthorpe-based Riach Financial Advisers, commented: “It is definitely a growing market. As we are all aware, people tend to be living longer with better lifestyles and healthcare, and it is ideal that they can use the equity in their properties.
“Now the market is better regulated it is good news, but it is a market where clients definitely need to get professional advice.”
simon.allin@ft.com
