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Trigold plans equity update

Trigold is planning to build an equity release function into its sourcing system following research that found more mainstream lenders and brokers are looking at entering this growing market.

The firm&#39s joint managing director Martin Colyer says the system should launch before the end of the year but after the introduction of FSA mortgage regulation on October 31.

The firm is to build the lifetime deals sourcing capability into its Prospector software which will also help with compliance and has been in talks with the industry about the development.

Colyer says: “We&#39ve spoken to providers including Norwich Union, Northern Rock, Standard Life Bank, Mortgage Express and Portman, and most have expressed an interest.”

The function will include a &#39what if&#39 capability to allow the adviser quickly to produce on-screen graphs for the client to show the impact of events like living until 85 and movements in interest rates or house prices.

Specialist IFA Key Retirement Solutions business development director Dean Mirfin says: “It can be difficult to source equity release products. The Exchange has launched its equity release sourcing system, but there are only a small number of providers and if one does not want to get involved, such systems don&#39t really work.

“In terms of accuracy I would only feel comfortable with information from a lender. Sourcing systems are for smaller IFAs who only do a bit of equity release business rather than specialists like ourselves.”

Mortgage Brain chief executive Mark Lofthouse says: “We are waiting to see what the regulator will do before doing more work on this area.”

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