Royal London has entered the equity release market through a partnership with later life mortgage adviser Responsible Life.
The mutual’s later life lending service will provide customers with access to an independent advice service, operated by Responsible Life, covering equity release, retirement interest only (RIO) and retirement mortgages.
Laura McOscar, head of equity release at Royal London, said: “Equity release is becoming an increasingly important source of retirement funding, as more people aged over 55 look to unlock some of the money tied up in their home.
“To complement our existing range of retirement offerings and improve access to later life lending advice, we are delighted to launch our Later Life Lending Service with Responsible Life.
“We chose Responsible Life as our partner because their customer centric approach aligns with our values. We’re confident that consumers will receive high quality advice on retirement mortgages, allowing them to make an informed choice on the option that is best suited to their individual needs.”
Steve Wilkie, executive chairman of Responsible Life, added: “Royal London is putting itself at the forefront of a huge shift away from product-specific advice in favour of broker recommendations that consider every type of later life lending.
“This is hugely important. Equity release products have never been more competitive but that doesn’t mean they’re suitable for everyone.”
Royal London’s entry into the equity release market coincides with reports that it is in talks to take over LV to create a large-scale mutual.
This month LV also partnered with equity release broker Age Partnership to advise customers who contact the provider directly about taking out an equity release plan.
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