Twenty7Tec has unveiled what it claims to be the UK’s first “truly blended” sourcing system, combining first and second charges, bridging loans, and now equity release or lifetime mortgages, on one single platform – MortgageSource.
The technology provider has have worked with Legal & General Home Finance to bring the equity release option to market, with more equity release lenders being added to the system over the coming months.
Phil Bailey, director of intermediary solutions at Twenty7Tec, said: “We are committed to continuing to drive technological change in all areas of the lending market, and our latest investment in providing equity release and lifetime mortgages alongside all other lending options is further evidence of this commitment.
“The ability to display retirement lending options to the mainstream mortgage broker is a fantastic way to broaden an adviser’s knowledge. More qualified brokers are required to support this growing sector, more education is needed to highlight the value of these products, and more brokers introducing to the world of equity release can only be a positive move.”
James Tucker, the firm’s managing director, added: “We believe this is the type of innovation which the FCA is calling for in its Market Study Interim Report, and we look forward to continuing to lead the market in this form of cutting-edge development.
“The tools you use to aid your advice process need to be capable of keeping up with our evolving market. Lack of innovation or the wrong technology, can easily miss-guide both a broker or customer.”
Steve Ellis, CEO at Legal & General Home Finance,. said: “Lifetime mortgages are no longer a specialist product – they are part of everyday retirement financial planning. At Legal & General we are responding to this evolved market with innovations such as our Optional Lifetime Mortgage Plan, and by breaking down the mortgage market silos.
“We needed a partner that was equally dynamic and understood that retirement lending needs to meet these challenges: Twenty7tec was clearly that partner. It is a fantastic advancement to highlight the value of lifetime mortgages in this manner.”