Phoenix Group has purchased a portfolio of equity release mortgages from Just Retirement Limited in a deal worth £300m.
These are mortgage backed assets across the UK and Phoenix suggested the transaction “cements” its position as one of the largest funders and managers of equity release assets in the UK.
In providing funding for the portfolio, Phoenix also stated that its securing the long-term retirement plans put in place by over-55 borrowers, ensuring they are able to access the equity in their family home without the need to move.
The acquisition was led by a team from Phoenix’s retirement solutions business, which specialises in equity release and bulk purchase annuities.
Phoenix CEO savings and retirement, UK and Europe, Andy Curran, called equity release an “important option” when it comes to meeting financial planning needs later in life.
“It is a growing market that we fully support and know well, Phoenix have been active as a funder in the market since 2016,” Curran said.
“We’re delighted to have acquired this portfolio and to be securing the retirement plans for more borrowers. This is a testament to the strength and expertise of our retirement solutions team led by Tom Ground and you should expect to see more activity from us in the equity release space in the coming months and years.
“This purchase is consistent with our group vision of helping people on their journey to and through retirement. Alongside pension savings, equity release is a valuable part of that toolkit for a growing number of people. This portfolio purchase is also supportive of our strategy to grow our bulk purchase annuity business.”
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