We are expanding our equity release proposition to enable more clients to access property wealth, to boost their retirement standard of living with a Lifetime Mortgage.
The Lifetime Mortgage market is already experiencing rapid growth, driven by product innovation, with around £4 billion lent to clients in 2018, as they increasingly look to access the equity tied up in their property, to improve their standard of living in retirement.
We will now be working with a panel of six lenders to offer a range of lump sum and drawdown Lifetime Mortgages. The panel providers – Aviva, Canada Life, Hodge, Legal & General, LV= and more2life – have been selected for their track record, offering competitive products for consumers backed up by good customer service.
Our Mortgage Director, John Cupis said: “Advice is critical in the Lifetime Mortgage market to help consumers make the best of their retirement planning options. Openwork is ideally positioned to support clients in achieving their objectives in retirement. The future for Lifetime Mortgage advice will include all events surrounding the lives of clients, who may also have other income or significant pensions that should be considered to ensure the best outcomes.
“Expanding our equity release proposition means advisers can offer their clients truly holistic advice over the long-term alongside support with affordability-based mortgages as well as pensions and investments. Harnessing the power of the Openwork network, clients will benefit from the right advice from advisers qualified to provide that support.”
Lifetime Mortgages are gradually being introduced on a pilot basis ahead of an expected full launch to all qualified advisers early next year. This builds on the successful test of our innovative monthly income drawdown Lifetime Mortgage, launched in partnership with Canada Life in January.