Four firms will appear on the panel; Key Partnerships, Age Partnership, Responsible Life and Bower Retirement. The panel is intended to provide brokers with access to more equity release lenders and products catering to borrowers in later life.
Jeremy Duncombe (pictured), director, Legal and General Mortgage Club, said: “The lifetime mortgage market is growing as more lenders enter the market and more borrowers need to use their property to support their retirement income. We have an ageing population with £1.3trn of equity stored in property and it’s paramount that people are able to access this in a way that suits their needs so that they can live better in retirement. Advice will play a key role in helping people to navigate this evolving area of the market and find a product that’s right for them.”
The Legal and General Mortgage Club hopes the panel will raise the profile of the equity release sector among brokers and encourage them to consider lifetime mortgages and equity release as part of their holistic intermediary service. The firms will provide guidance and support to brokers who are not qualified to advise in this market.