TMA Club will focus on the later life lending market and technology this year by adding providers to its panel.
This month the club added OneFamily to its equity release panel, and Rob McCoy (pictured), senior product and business manager, said TMA will launch a technology platform later in the year to support its directly authorised members.
He said: “Equity release and later life lending will be a focus for the group. The later life market is growing and is an important area to the market we want to be a part of. It’s a gap in our proposition so we want to build on that.
“We’ll support brokers with technology to do things quicker, giving them more time to spend with customers.”
He said one of the big six lenders needs to launch Retirement Interest-Only mortgages for it to take off with brokers.
McCoy added: “There’s many with the equity release qualification who don’t advise on equity release. RIOs are just standard mortgages.
“For me sending a borrower over to someone else isn’t a great customer experience. Brokers need to be prepared that when customers’ RIO deals end, they’ll be replaced by lifetime mortgages.”