PMS Mortgage Club and Sesame Network have boosted support for mortgage advisers with an online hub on retirement interest-only (RIO) and lifetime mortgages.
The Later Life Lending Hub aims to help brokers stay ahead in the fast-moving RIO and lifetime mortgage sector, offering advice, support and access to lenders.
In the last eight months alone the number of lenders offering RIOs has more than doubled to 12 and there are now 38 products to choose from, according to Moneyfacts.
The hub will update advisers on the latest lender developments in this emerging market, including an overview of the key information advisers need to know, along with access to a panel of later life and equity release lenders, as well as referral partners.
First stage of development
PMS and Sesame said this was the first phase of the Later Life Lending Hub and there are plans to expand the service further.
Jane Benjamin, director of mortgages at Sesame and PMS, said: “Following last year’s change in Financial Conduct Authority (FCA) guidance, we’ve seen the RIO market grow rapidly. With new lender products coming to market on a regular basis, it’s difficult for busy advisers to keep up to speed with all the changes.
“Our new hub will keep advisers informed and is part of a wider programme from PMS and Sesame encompassing online and face-to-face training and education support.
“We want to help advisers look after their clients in a later life market that’s evolving all the time, and is set for further significant growth in the years ahead.”
Stephanie Charman, specialist lending relationship manager at Sesame and PMS, added: “The majority of property wealth in the UK is held by the older generation.
“We also have an equity release market that has seen record levels of lending, so it’s clear that we’re dealing with a UK population that will increasingly need and benefit from professional advice.”