Phoenix Group has acquired an equity release portfolio from Just Retirement to the tune of £300m.

The new owner of these products says that customers will not need to take any action “as their mortgage will not change.”

This will add to the third of Phoenix’s £10.7bn illiquid asset portfolio that consists of equity release mortgages, which the firm reports as having an average AA rating.

Phoenix Group chief executive Andy Curran says: “Equity release is an important option for many people when it comes to meeting their 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.

“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 portfolio purchase is also supportive of our strategy to grow our bulk purchase annuity business.”

Last month, the Equity Release Council reported that 57% of homeowners have expressed an interested in using equity release products in later life.