Lifetime mortgage lender Pure Retirement has become the first equity release specialist to join mainstream sourcing platform Mortgage Broker Tools.
The Mortgage Broker Tools platform provides criteria, affordability and sourcing, providing results in under 60 seconds.
At a time when average rates between residential and lifetime mortgages have narrowed considerably, the two companies view the partnership as confirmation of the need to include products such as lifetime mortgages as part of the holistic advice process. This has become especially prevalent with the current breed of interest serviced lifetime mortgages, which have offered an avenue to older interest-only mortgage borrowers whose residential plan terms have come to an end.
By extension, it’s hoped the partnership will also help increase awareness of the potential of lifetime mortgages when it comes to helping those in later life achieve their financial goals – especially among advisers who wouldn’t normally interact with the sector.
Pure Retirement’s head of distribution, Scott Burman (pictured), said: “We’re pleased to have partnered with Mortgage Broker Tools, providing a platform for mainstream adviser visibility of our products through technology. With the addition of interest serviced products in the later life space the difference in rates between residential and lifetime mortgages has never been so close, and with lifetime mortgages offering the flexibility to move homes and buy properties, there’s never been a better time to partner with a holistic technology platform and widen awareness of the possibilities offered by modern later life lending.”
Tanya Toumadj, CEO at Mortgage Broker Tools, added: “Later life lending is a growing sector given the aging population. However, it can sometimes be difficult to compare the options provided by later life lenders with those from more traditional providers. With the integration of Pure Retirement into MBT, we provide an easy way for brokers to review the options side-by-side based on their clients’ circumstances. In our data we can see that for 30% of cases where an applicant is 55 years or older, no current lender on our panel will meet the loan requested - a clear area where Pure Retirement could help.”
