Responsible Lending is broadening the availability of its lifetime mortgage products created in partnership with Royal London Equity Release.
The products, which were launched in June by Responsible Lending and Royal London, the UK’s largest mutual life, pensions, and investment provider, will now be accessible to all equity release advisers through platforms Air Sourcing, Iress, and Advise Wise.
The Royal London Equity Release product range consists of a Standard product and a Premier product.
The Standard option is aimed at customers aged between 55 and 84 years and six months, with properties ranging from £125,000 to £2m in value.
The Premier product, catering to the same age group, is targeted at customers with high-value properties over £2m, with no maximum limit. Both offerings permit payment of up to 10% of the total cash advance within each 12-month period.
The product range is supported by competitive pricing, consistently good customer service, flexible underwriting criteria, and the robust backing of the Royal London brand.
The process for advisers has been made more efficient with the ability to request instant Key Facts Illustrations (KFIs) for Responsible Lending’s products with a single click through Air Sourcing, following a successful implementation on Advice Wise and The Exchange platforms.
To bolster this expansion, an experienced team of three business development managers has been recruited, supplemented by a dedicated telephone business development team.
Equity Release Council’s July report indicated ‘cautious optimism’ for the equity release market, highlighting steady growth in new customer activity in the second quarter of 2023. June was reported as the busiest month so far this year.
Chris Flowers, intermediary sales director at Responsible Lending, said: “We have seen great interest in the Royal London Equity Release products since launching in June, so we are delighted to make them available to even more advisers and their customers.
“Equity release remains an important later-life finance option, and we are pleased to see that there has been steady growth in customer activity during the second quarter of this year.
“We are sure these products will be popular with many customers, and our expanded distribution team means we have even more support available to help advisers navigate the often-complex equity release market.”
