Spicerhaart Corporate Sales has announced a partnership with Responsible Life where the latter acts as an advice network on interest-only options.
Members of Spicerhaart will now be able to access advice regarding RIOs, lifetime mortgages, and equity release through Responsible Life.
The service will be offered to borrowers who have expired interest-only loans or are reaching the end of their term.
According to the firm, the primary focus will be on those individuals who wish to stay in their home but do not have the ability to pay of their loan.
Spicerhaart Corporate Sales managing director Mark Pilling says: “For those borrowers that do not have the ability to repay their interest-only loan, or do not want to sell, refinance is often the best option.
“For those that do want to go down the refinance route, we can now facilitate an introduction to Responsible Life, who are a whole of market provider.”
Responsible Life development director Tim Waterlow adds: “The challenge facing many interest-only mortgages customers is significant, and as an industry we need to get better at helping these borrowers.
“By working with Spicerhaart Corporate Sales, we are now able to offer a full end-to-end service to help interest-only customers who are struggling to repay their loans.”