Bower Retirement is launching Bower Private Clients, which it claims is the first high net worth specialist equity release adviser.
A Bower statement says it is setting up the new division to cater to increasing numbers of wealthy retired homeowners looking for equity release solutions.
Bower Private Clients will initially focus on London and the South East.
Bower’s analysis shows that more than 36,000 properties worth more than £1m have been bought without mortgages in the past five years in England and Wales, with more than 85 per cent of these being in London and the South East.
Bower Private Clients will offer bespoke equity release rates and terms.
The new adviser is working with private banks, accountants and law firms after being referred complex cases.
These include customers facing interest-only issues as well as clients wanting to gift large amounts to family for house purchases.
Bower Private Clients chief corporate officer Andrea Rozario says: “The expansion is being driven by clients and their wider range of advisers including private banks, lawyers, accountants and wealth managers who recognise that property wealth can offer a variety of solutions.
“Launching Bower Private Clients is the next logical step to provide a service focused on retirement lending for high net worth clients and we are already seeing strong demand from clients and introducers.”