Royal London enters Later Life Lending market
30 September 2020
Royal London has partnered 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 impartial and holistic advice on a range of later life mortgages. This service will be operated by Responsible Life. Crucially, 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.
This customer-focused approach, drawing upon thousands of products available across all of the later life lending categories, will ensure that borrowers can explore all the options under one simple advice process.
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.”
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