A range of lifetime mortgage products have been launched by Royal London in partnership with Responsible Lending.
The range of products is designed to help advisers when discussing the use of property wealth in retirement and will be supported by “consistently good customer service, competitive pricing, and flexible underwriting criteria".
It was detailed that the range offers a standard product, with a minimum property value of £125,000 and a maximum value of £2mn, and a premier product, which is better suited to customers with a high value property, above £2mn and with no maximum limit.
Both products offer the option to pay up to 10 per cent of the total cash advance within each 12-month period.
Though, to date, Responsible Lending products have only been available to advisers who worked with later life mortgage broker, Responsible Life, this new range of products are available now to all equity release advisers.
The Royal London Equity Release product range is available for advisers across the lifetime mortgage market to access through the Air Sourcing and Advise Wise platforms.
Responsible Lending intermediary sales director, Chris Flowers, said: “Over the past nine months, we have seen rising interest rates, but we have also seen that the need and demand for customers to work with trusted brands has never been greater.
“The Royal London Equity Release products are competitive and offer a compelling proposition. With the new distribution team in place, we are in an excellent position to help advisers navigate the often complex equity release market.”
Royal London customer life stage director, Colin Mitchell, added: “We’re absolutely delighted to be launching these new products in partnership with Responsible Lending, leveraging their considerable market expertise, giving advisers a broader choice and the ability to deliver even better outcomes for their clients.
"As people's needs change, we are seeing equity release playing an increasingly important role in retirement planning and the advice conversation, with more clients considering using their property wealth to protect their standard of living in retirement.
Mitchell added that it is "essential" that advisers and their clients, not only have access to the products that meet their evolving needs, but can work with providers they trust.
An experienced distribution team of three business development managers and three telephone business development managers have been recruited to support advisers and their clients through the equity journey.
tom.dunstan@ft.com
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