HSBC has announced it plans to enter the equity release market, offering products that allow older borrowers to release some of the money tied up in their properties.

The trade body for equity release, Safe Home Income Plans (SHIP), welcomed the news that a big bank was launching into this market.

Jon King, Chairman of SHIP commented: “The equity release market continues to go from strength to strength and it is clear that consumer demand for such products is extremely high.

“We welcome the decision by HSBC to trial an equity release service for its clients. Strong property price inflation combined with shrinking pension pots has meant that interest in equity release has never been higher.”

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