Using the Equity Release Trading Platform, financial intermediaries can now research, quote and source equity release products from a total of 11 lenders. The service enables advisers to offer advice on one of the fastest growing product sectors in the market.
Figures from the CML show that equity release mortgages newly advanced in 2004 totaled £1.2 billion, up 10% on 2003. Based on current market dynamics Mortgage Express predicts that gross advances in the equity release market may reach £3bn in 2008.
Mortgage Express’s Lifetime mortgage offers several features, including some of the highest LTVs. To enhance its Lifetime mortgage, Mortgage Express last week reduced its fixed interest rate to 6.89%.
The Equity Release Trading Platform helps financial advisers identify which products meet their client’s needs based on personal data, property details and financial criteria. The results are displayed in a simple tabular format from where advisers can link to detailed product information and produce comparative product reports. The service covers both Lifetime Mortgages and Reversion schemes and has recently been upgraded to facilitate the production of Key Facts Illustrations (KFIs) in line with the FSA MCOB regulations.
Mortgage Express joins nine other supporting lenders that use The Exchange.
David Child, managing director at The Exchange, comments: “Equity Release gives advisers the opportunity to not only provide their clients with valuable advice on a complex financial product but also on what do with the money once it has been released from their property. The Equity Release Trading Platform consolidates the majority of this market into one place enabling advisers to take advantage of one of the fastest growing product sectors in the market.”
Roger Hillier, product development manager at Mortgage Express comments: “As Mortgage Express distributes its Lifetime mortgages exclusively through intermediaries, we see joining The Exchange service as an important step in helping make introducers product research easier. The service lists full details of our Lifetime mortgage interest rate and the general terms and conditions of our product,” said Mr Hillier.
“This will also allow introducers to compare Mortgage Express Lifetime mortgage products with its competitors and confirm its competitive edge,” Mr Hillier continued.
