Responsible Lending has entered a partnership with Royal London, the UK’s largest mutual life, pensions and investment provider, to deliver an exclusive range of Lifetime Mortgage products.
The products are available now to all equity release advisers.
To date, Responsible Lending products have only been available to advisers who worked with later life mortgage broker, Responsible Life.
Responsible Lending and Royal London have been working on a range of products to help advisers when discussing the use of property wealth in retirement. The range will be supported consistently good customer service, competitive pricing, and flexible underwriting criteria, all underpinned by the strength of the Royal London brand.
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 6 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.
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 release journey.
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.
Commenting on the launch, Chris Flowers, Intermediary Sales Director, Responsible Lending, said: “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. 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, Royal London, 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. 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.”
