The number of equity release products on the market has increased by 310 per cent since 2016, according to Key Partnerships.
Data shows that lenders now offer 233 plan options across their combined product ranges, which compares to the 73 on offer throughout 2016.
Between Q3 2018 and Q1 2019, the number of plans rose from 144 to today’s, an increase of 62 per cent.
In comparison, between 2016 and 2017 the number of plan options available rose at a significantly slower rate – from 73 to 86.
Key’s analysis details the most popular product features on the market. The top is ‘one off repayments’, which 58 per cent of plans will lend on. This is followed by ‘fixed early repayment charges’ at 42 per cent, and ‘downsizing protection’, at 41 per cent.
In contrast, only 7 per cent of plans lend on ‘paying monthly income’, followed by ‘inheritance protection’ at 14 per cent, and ‘sheltered or age-restricted properties’ at 24 per cent.
Key Partnerships head Jason Ruse comments: “Customer demand is transforming the equity release market and lenders have launched a range of new products with innovative features to meet customer needs.
“Although, some of the new plans have incorporated small but significant tweaks to an existing plan, it does mean that there are major innovations and new options for customers and their advisers to be aware of.”