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Blunkett praises equity release market

04 February 2010

Equity release schemes have a future in helping the UK to combat the challenges surrounding its pension and longevity issues.

This is the view of former home secretary David Blunkett, who said providers of equity release could play an important role in helping the UK's property owners to realise the potential of the £700 billion tied up in their homes.

The MP's comments were delivered at the first Annual Equity Release Lunch, which was hosted by trade body SHIP and law company Eversheds.

Speaking at yesterday's (February 3rd) event, Andrea Rozario, director general of SHIP, said: "2009 has been a challenging but successful year for SHIP with the launch of our discussion paper, maintenance of high customer safeguards and our focus on developing our profile within Westminster.

"The coming year promises challenges and opportunities, with the support of our members and other interested parties, I am confident that 2010 will be a successful year for all involved with Equity Release market."

Equity release schemes can give property owners a financial boost by allowing them to draw funds from the value of their assets