Connect for Intermediaries has launched equity release lending and life panels.
The equity release lender panel comprises of Aviva, Hodge, Legal and General, LV=, More2Life, Pure Retirement and Retirement Advantage, while the life panel is open to the whole market.
The equity release panel It will be available directly to brokers who have gained the relevant qualification, and on a referral basis for those who haven’t. There will be an equity release course available for all Connect network members.
Liz Syms (pictured), chief executive, said: “10 or 15 years ago, equity release was a fairly niche product – now, it is one of the fastest growing products in the lending market. And as lifestyles change and ‘over 55’ becomes ever younger, equity release has enormous potential for adding real value, not only to the mortgage market but also our economy and society as a whole.
“But equity release is not just about standalone equity release, there are lots of lenders who have a later-life offering as well. Now, with our later life and equity release lenders, we feel we’ve got an offering that enables our advisers to look at all of those options and make the right recommendation for their clients.”
The life panel will be advised for those brokers who can demonstrate life sales experience and come on an upgrade course.
It will also be opened up on a non-advised basis for brokers who have already attended the course and are signed up for non-advised single tie – they will simply need to request access.
Syms also revealed that Connect wants to encourage brokers to “reach for higher volumes”, so has drastically reduced targets for improved commission splits.
She added: “We have been listening to brokers and taking their feedback on board in order to improve our proposition.
“The new equity release panel and life panel, plus the secured lending panel announced last month will offer brokers more options for their clients, while the new commission splits offer a great incentive for them to push for more business.”