The Equity Release Council has welcomed OneFamily Lifetime Mortgages to its membership.
This follows the new provider’s launch of its first lifetime mortgage products earlier this month.
The news comes as the Council marks the 25th anniversary of the first industry standards being created for equity release under the banner of Safe Home Income Plans (SHIP) in 1991. The Council today represents over 400 individual members and 150 member firms including providers, qualified financial advisers, solicitors, surveyors and other industry professionals.
Nigel Waterson, chairman of the Equity Release Council, said: “We are delighted to welcome OneFamily Lifetime Mortgages to our membership and look forward to its contribution to help UK homeowners make use of their housing wealth, where appropriate, for financial support in retirement.
“The equity release sector is experiencing growing demand from consumers keen to consider all of their available assets as part of their later life financial planning. It is very encouraging to see the market respond with increasing choice and flexibilities, with research by Moneyfacts highlighting the growing range of products and options in recent years.
“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, added: “We have introduced new and innovative features into the lifetime mortgage market, including the option of a variable interest rate. We have done this to extend consumer choice and to help grow the market.
“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.
“These products will complement OneFamily’s vision to enable families to work together to meet the financial demands of modern life.”