Legal & General Mortgage Club has launched its lifetime mortgage referral panel, which aims to help brokers provide a greater range of products to older homeowners.
The panel will be made up of four firms, including Key Partnerships, Age Partnerships, Responsible Life, and Bower Retirement. This partnership has been formed to raise the profile of this sector, and provide brokers with access to more lenders and products catering to older homeowners who wish to unlock the wealth stored in their properties.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “The Lifetime Mortgage Market is growing as more lenders enter the market and more borrowers need to use their property to support their retirement income. We have an ageing population with £1.3 trillion of equity stored in property, and it’s paramount that people are able to access this in a way that suits their needs so that they can live better in retirement.
“Advice will play a key role in helping people to navigate this evolving area of the market and find a product that’s right for them.
“By launching our panel of Lifetime Mortgage Specialist Providers, we want to raise the profile of this sector with brokers, and encourage them to consider Lifetime Mortgages and equity release as part of their holistic service for customers. Our specialist firms will provide guidance and support to brokers who are not qualified to advise in this market, which will, in turn, ensure that each customer receives the most appropriate advice for their needs.
“We aim to provide our own education, support, and awareness raising programme to continue to add value to our brokers.”