HL Partnership compliance director Gavin Earnshaw believes retirement interest-only mortgages will provide a solution to a potentially huge market.
Earnshaw said: “RIOs represent a valuable option to help interest-only borrowers who need extra time to repay their mortgage balance.
“With almost two million interest-only borrowers and tens of thousands estimated not to be able to repay their balance in full, there is a potentially huge market where a RIO could provide a solution.”
HL Partnership, as well as its sister network Mortgage Support Network, permit advisers without an equity release qualification to offer the product. For those who don’t fit advisers can send them to a later life referral service.