The platform which can be white-labelled on to an intermediary firm’s website allows clients to research products and produce comparative quotations before contacting the broker for advice. The results which are displayed in a tabular format show the product providers name, the amount raised, interest rate and its Safe Home Income Plans (SHIP) status.
David Child, managing director at the Exchange, said: “The equity release market has grown rapidly as a result of the buoyant housing market and the poor performance of pension funds. Our unique trading platform gives intermediaries access to this market by providing quotes and information to support their sales process. They can now make a branded version of this service available directly to their customers or network members to promote their expertise in this growing sector.”
Dean Mirfin, business development director at Key Retirement Solutions, said he had helped in the design of the trading platform from inception. “The difficulties in designing a system are huge,” he said. “For a start, unlike normal sourcing software where lender criteria is very similar, equity release products will have more extensive property criteria to include things like sheltered housing.”
Mirfin went on to say that the system had made great strides since its original inception.
Kevin Morris, compliance director for equity release specialists NHFA, said: “While the system still needs refining, it is still a very useful tool.”
