The products are available to all equity release advisers
Lifetime mortgage provider Responsible Lending has entered a partnership with Royal London to deliver a range of products, which are now available to all equity release advisers.
Previously, Responsible Lending products have only been available to advisers who worked with later life mortgage broker Responsible Life.
Royal London, the UK’s largest mutual life, pensions, and investment provider, has been working with Responsible Lending on a range of products to help advisers when discussing the use of property wealth in retirement.
The Royal London equity release product range offers a standard product and a premier product. The standard product is available to customers aged 55 to 84 years and six months with a minimum property value of £125,000 and a maximum value of £2,000,000. The premier product offers the same age range and is better suited to customers with a high value property, above £2,000,000 and with no maximum limit. Both products offer the option to pay up to 10% of the total cash advance within each 12-month period.
The range is available for advisers across the lifetime mortgage market to access through the Air Sourcing and Advise Wise platforms.
“Since Responsible Lending was founded in 2017, we have held customers’ needs at the heart of what we do, so we are excited and proud to be launching the Royal London Equity Release product range,” stated Chris Flowers, intermediary sales director at Responsible Lending.
“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.”
Colin Mitchell, customer life stage director at Royal London, said it was delighted to be launching the new products in partnership with Responsible Lending.
“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.
“It’s 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.”
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