The Mortgage Broker Tools platform provides criteria, affordability and sourcing within a single form and returns results in less than a minute. Pure Retirement has become the first equity release specialist to be added to the platform, which it said demonstrated its commitment to reaching more advisers.
The firms said that now that the difference between average residential and lifetime mortgage rates had narrowed, the partnership highlighted the need for lifetime mortgages to be included in the holistic advice process.
Further, Pure Retirement launched an interest-serviced lifetime mortgage last year, to offer an option to older interest-only mortgage borrowers whose product is maturing.
The firms said they also hoped the partnership would increase awareness of the potential of lifetime mortgages, especially for advisers who do not usually consider them.
Scott Burman, head of distribution at Pure Retirement, said: “We’re pleased to have partnered with Mortgage Broker Tools, providing a platform for mainstream adviser visibility of our products through technology.
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“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 of 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 Mortgage Broker Tools, 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.”
