Just Retirement lifts eq release loan limit to £600K

Annuity and equity release provider Just Retirement has more than doubled the maximum initial loan amount available from its equity release product.

The limit on the initial loan was previously £250,000 but the provider increased this to £600,000 for clients in England from Monday 16 May.

Steve Lowe, external affairs and consumer insight director at Just Retirement, said the increase is due to consumer demand.

"We have been getting requests for larger loans," he said.

"In the past six weeks, there has been a great deal more interest in the equity release market generally.

"We think this is good as it will improve competition and raise the profile of the market."

However, at the same time, Just Retirement reduced the maximum loan to value ratio for the 61-74 age group.

Lowe said this change was part of the provider's quarterly review, in which prices are regularly adjusted.