Just reports 32% lifetime mortgage growth

Just reports 32% lifetime mortgage growth

Retirement specialist Just Group has reported a 32 per cent year-on-year increase in new lifetime mortgage sales in the nine months to 30 September against a backdrop of strong market growth.

In its third-quarter business update, the company said it received lifetime mortgage advances of £483m over the nine-month period compared with £367m in the same period in 2017.

In the third quarter alone it saw advances of £170m compared with £137 the previous year.

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Meanwhile, the company said total retirement income was £1.7bn compared with £1.2bn the year before, a rise of 44 per cent.

Overall, new business increased to £2.3bn over in the nine months to 30 September, a 40 per cent increase on the £1.6bn recorded in 2017.

Rodney Cook, group chief executive, said the results reflect the company’s positioning and strategy.

He said: "The markets in which we operate are generally buoyant. The defined benefit market has seen increased activity all year and the industry pipeline is very strong.

"Customer appetite for lifetime mortgages is increasing and supply from insurers is growing, all helping to stimulate strong market growth."

The lifetime mortgages market has grown exponentially in recent years, with latest figures from the sector's trade body showing a record of more than £1bn of property wealth was unlocked in last quarter.

According to the Equity Release Council £1.02bn in equity was released between July and September, equivalent to £11m every day.