Royal London has teamed up with later life mortgage adviser, Responsible Life, to enter the equity release market.
The Royal London Later Life Lending service will provide customers with access to advice on a range of later life mortgages. This service will be operated by Responsible Life.
The advice provided will not be limited to equity release and customers will have access to equity release mortgages, Retirement Interest Only Mortgages and retirement mortgages.
Responsible Life announced earlier this year that it had become the first broker to introduce a service that looked at mortgages from each of the three different product categories before making recommendations to customers. This approach also aligns with the Financial Conduct Authority’s recommendations following their recent review of the equity release advice process.
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. We will be recommending equity release products as part of this partnership but not at the expense of customers’ best interests. We are convinced this approach will become the norm and our collaboration with Royal London is a huge endorsement of this revolution in financial advice.
“We’re thrilled to be working alongside Royal London — two consumer-champion brands with a single vision to advance the equity release market even further and bring housing wealth into mainstream financial planning.”