Equity Release Club and AIR Sourcing have agreed new relationships with Mansfield Building Society for later life lending.
The Mansfield’s later life offering will now be added to the AIR sourcing system with the Equity Release Club chosen as one of its distributors.
The Mansfield offers residential mortgages up to age 85, providing loans to those in or fast approaching retirement. In addition the lender also offers a broker exclusive, interest-only product which allows property downsizing as a repayment strategy, for borrowers up to age 80. This is a 2-year discount rate currently available at 2.94% with a maximum LTV of 40%.
Stuart Wilson, group managing director at Answers in Retirement Ltd, said: “We are continually looking to add quality lenders to our overall offering and are therefore very pleased to announce this new relationship with the Mansfield Building Society.
“The Mansfield has been at the forefront of finding mortgage product solutions for those needing finance in later life for a number of years, and its products will I’m sure prove popular with both our advisers and their clients. It’s our aim to develop the range of product solutions available via AIR Sourcing, and through the Equity Release Club, in order to support the growing demand we are seeing from later life borrowers.
“This is one sector of the market which appears to be going from strength to strength, and it is lenders such as The Mansfield who continue to deliver the required solutions. We are looking forward to working with the team in order to develop their offer within the Answers in Retirement Group of companies.”
Steve Walton, national development manager at the Mansfield Building Society, said: “We’re thrilled to be on the Air Sourcing platform and delighted to be working with the Equity Release Club. It’s great to see the Answers in Retirement Group combining our common sense approach with their range of solutions promoting later life financial options. We want to ensure that brokers not only benefit from our product range but also our flexible and pragmatic approach to lending.”
AIR Sourcing, the Equity Release Club, and the Later Life Academy (LLA) – the commercial and training organisation for later life advisers – are all part of the Answers in Retirement Group; the Group of companies covering a range of retirement and later life services.
AIR Sourcing was launched in May 2016. Since its launch the system has grown to 1,600 registered users conducting over 2,300 sourcing sessions each month. The system covers at least four times as many product choices as other systems featuring all products from all retirement lending providers with users able to access its unique ‘Research Filters’ to show all product variations.
AIR Sourcing is available to registered advisers free of charge and offers products with enhanced terms for members of the Equity Release Club and Later Life Academy.