Twenty7Tec adds equity release to platform

USB-Wires-Computer-Technology-700.jpgTwenty7Tec has added equity release and lifetime mortgages to its mortgage sourcing system.

This single platform is now used by more than 6,000 intermediaries.

It sources information on standard residential and buy-to-let products, second charging mortgages, bridging finance, further advance and retention and loyalty products.

Twenty7Tec has worked with Legal & General Home Finance to add this latest enhancement to its system. It plans to add more equity release lenders over the coming months.

Twenty7Tec director of intermediary solutions Phil Bailey says: “The ability to display retirement lending options to mainstream mortgage brokers is a fantastic way to broaden an adviser’s knowledge.

“More qualified brokers are required to support this growing sector and more education is needed to highlight the value of these products.”

Twenty7Tec’s managing director James Tucker adds: “The tools brokers use to aid their advice process need to be capable of keeping up with our evolving market. Lack of innovation or the wrong technology can easily mis-guide both a broker or customer.”

Legal & General Home Finance chief executive Steve Ellis says: “Lifetime mortgaes are no longer a specialist product, they are part of everyday retirement financial planning.”

Sales of equity release mortgages have reached record levels in recent years, with retired homeowners cashing in more than £3bn of property wealth in the last year, according to figures from Key Retirement.

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