Equity Release Award-winner Bower Retirement is offering bespoke equity release product rates and terms for customers as the market evolves toward a broader view of later life lending.
Bower is working with private banks, accountants and law firms to service clients with more complex circumstances, including interest-only mortgages, Inheritance Tax concerns or those keen to gift large amounts to family for property purchases.
Andrea Rozario, chief corporate officer at Bower Private Clients, (pictured) said: “We can offer product both within and outside normal lending criteria and have access to the decision makers, including the surveyors and the lenders.”
High-net worth remains a niche but later life lending as a whole is going to evolve and be driven onwards by both mainstream providers and lending solutions away from standalone equity release products, she added.
Bower analysis shows more than 36,000 £1m-plus homes have been bought without mortgages in England and Wales in the past five years – more than 85% of those deals were in London and the South East.
On the fact mortgage advisers occasionally fail to identify and sign post on equity release clients, Rozario said: “Advisers have a moral obligation to service every need even if they are not in a position to transact when they have taken on a certain position in a professional industry.”