Sesame launches later life lending hub for advisers

Sesame launches later life lending hub for advisers

PMS Mortgage Club and the Sesame network have launched a later life lending hub to keep advisers informed about the Retirement Interest Only market.

The hub provides a reference guide of the key developments in the RIO sector. Advisers will also have access to PMS and Sesame’s panel of equity release referral partners, as well as a panel of later life and equity release lenders.

The network stated there were plans to expand the hub to provide online and face-to-face training and education support.

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Jane Benjamin, director of mortgages at Sesame and PMS, said following last year’s change in FCA guidance on later life mortgages the RIO market has been growing rapidly.

The regulator stated last March it will treat retirement interest-only mortgages as standard mortgages rather than under higher equity release standards.

Since then a number of providers have entered the market launching an array of products.

Mr Benjamin said: "With new lender products coming to market on a regular basis, it’s difficult for busy advisers to keep up to speed with all the changes.

"We want to help advisers look after their clients in a later life market that’s evolving all the time, and is set for further significant growth in the years ahead."

Stephanie Charman, specialist lending relationship manager at Sesame and PMS, said: "The majority of property wealth in the UK is held by the older generation.

"We also have an equity release market that has seen record levels of lending, so it’s clear that we’re dealing with a UK population that will increasingly need and benefit from professional advice.

"Our new hub builds on our existing later life lending support, including our specialist lending panel and equity release referral service, which has proved to be very popular with advisers."