Vernon’s retirement mortgage no longer requires an equity release qualification
Brokers can now advise on Vernon Building Society’s retirement mortgage without an equity release qualification.
Vernon removed the need after the Financial Conduct Authority reclassified Retirement Interest-only Mortgages, or RIOs, as residential products in March.
Previously brokers advising on the product had to hold the CeRER equity release qualification.
Tom Gurrie, head of intermediary sales at Vernon, said: “Our Retirement Mortgage has proved popular with brokers and their clients, and following the FCA’s reclassification, we no longer need to restrict it to advisers with an equity release qualification.
“The mortgage provides a cost-effective solution to interest-only borrowers who require an extended term or an alternative to lifetime mortgages for those borrowers with adequate income to make monthly interest-only repayments.”