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Twenty7Tec adds equity release products to Mortgage Source

by: Mortgage Solutions
  • 21/05/2018
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Legal and General will list its lifetime mortgages on Mortgage Source, offering the first equity release comparison against standard residential and second charge products in a single system.

The inclusion of lifetime mortgages on the platform is the next step in Legal & General’s goal of improving intermediary awareness and access to lifetime mortgage products, it said, which have seen a considerable boost in popularity amongst older homeowners.

Mortgage Source will be adding further equity release lenders this year.

The news follows the recent launch of Legal & General’s Optional Payment Lifetime Mortgage (OPLM), an interest-only solution for life with no affordability assessment or capital repayment strategy.

Steve Ellis, CEO, Legal & General Home Finance, said: “Lifetime mortgages are undoubtedly becoming an ever more popular option for retirement, and it’s no secret more people are looking to access their property wealth in later life.”

Ellis added that the regulator’s rules on retirement interest-only have the potential to bring the markets closer together alongside innovative products, which will help break down silos and make sure later life customers have access to the right products.

He said: “We see this partnership with Twenty7Tec and its Mortgage Source system as another step in this direction, bringing later life lending products onto a recognised and leading residential mortgage sourcing platform.”

Phil Bailey, director of intermediary solutions, Twenty7Tec, said: “Mortgage Source can now accurately display lifetime mortgages for clients aged 55+, while continuing to utilise the same detailed criteria our users have become accustomed to for first and second charge products.”

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