"Equity release is a natural extension of this activity and has become an increasingly important area for our business in recent years."
The confirmation of Lighthouse as a member takes the number of member firms to 164, up from 20 since The Council relaunched in summer 2012.
The protections associated with The Council and its members include the no negative equity guarantee, the right to tenure, the ability to port a loan to a suitable property and a requirement that any customer taking out an equity release product must receive both legal and independent financial advice.
Lighthouse joining comes at a time of significant momentum for the equity release sector, as lifetime mortgages became the fastest growing mortgage segment in 2016, with the number of customers rising by 22% and the value of lending exceeding £2bn for the first time in a single year.
Donna Bathgate, Chief Operating Officer of the Equity Release Council, commented: “I am delighted to welcome Lighthouse as our first network member. Its decision is a clear indication of the growing appetite for equity release as more people recognise the value of using their housing wealth to support a comfortable retirement. Lighthouse’s reputation is highly respected within the advisory community and I look forward to working with them to help ensure more customers are able to access the advice they require.”
Paul Harris, Managing Director of Lighthouse Mortgage and Protection Solutions, added: “Becoming a member of The Council was a natural progression for us with the Group having arranged £885 million of mortgage funds for 5,000 customers in 2016. Equity release is a natural extension of this activity and has become an increasingly important area for our business in recent years.
"We are advising more customers on equity release than ever before and want to ensure we provide all our customers with first class advice, underpinned by robust standards. We are delighted to be part of The Council and look forward to working alongside it to help more people realise the value of equity release for retirement where appropriate.”
