The retirement market specialist will provide Openwork advisers with access to its 55+ Mortgage interest only residential loan, which carries a rate of 3.10% for a two-year fix or a rate of 3.30% for a five-year fix.

Paul Shearman, mortgage proposition director at Openwork, said the 55+ Mortgage was a welcome addition for  Openwork’s mortgage advisers.

He added: “With the later-life lending sector continuing to grow, the 55+ Mortgage offers a great solution for clients of retirement age that have a credible repayment strategy and proven affordability looking for an interest-only mortgage.”

Earlier this month Danske Bank was added to Openwork’s lender panel, giving access to the lender’s mortgage products for first-time buyers, remortgages and homemovers.

Additionally, the intermediary arm of Newcastle Building Society launched a three-year fixed rate mortgage exclusively for broker members of Openwork.

Sponsored

Industry, not regulation, must lead later life lending change

Sponsored by Suffolk Building Society Intermediaries

The deal from Newcastle Intermediaries is available up to 80% loan-to-value, at a rate of 2.05% with no arrangement fee.

Hodge Lifetime’s business development director, Steve Cox, said it was thrilled to be working with Openwork and was confident the addition of the 55+ Mortgage would give brokers an opportunity to explore the retirement market with their clients.