Godiva Mortgages: SHIP’s full year results 2007

Colin Franklin, Managing Director of Godiva Mortgages and Head of Sales for Coventry Building Society’s comments on full year results for the equity release market from industry body, SHIP (Safe Home Income Plans):

“2007 was a great year for equity release with the total value of new business rising by 5% to £1,210.4 million. Whilst the shock of the credit crunch is still being felt, growth in the equity release market clearly demonstrates an escalating need for this type of product.

“As the equity release industry continues to push the importance of financial advice, we are gratified to see that this message has reached consumers with the number of sales via advisers rising by 25% year on year. It is encouraging to see that more advisers are recognizing the opportunities in this sector.

“As you may know, Godiva Mortgages will be launching into the equity release market in the first quarter of 2008 and we look forward to contributing to the continued growth of this exciting industry.”