More To Life equity release book sold

According to reports, financial advisor Just Retirement has bought a book of equity release business from More To Life.

The business is believed to be worth £25 million and is the provider arm of equity release expert Key Retirement Solutions.

More To Life took a step back from the lifetime mortgages market towards the end of 2008 and pulled out of the home reversion segment last June.

Money Marketing records managing director at Key Retirement Solutions, Paul Wilson, as saying: “We have disposed of the back books for the business we wrote in 2008. We sold two back books although they were not sold to the same company. We want to come back into the market so we had to create capital.”