Prudential has confirmed its new lifetime mortgage product will be open for new business from 17 October.
Coinciding with the launch is the development of an online calculator to help advisers compare different loan amounts and interest rates in order to enable them to see the possible impact of drawing down funds rather than releasing one lump sum at outset, says the provider.
Prudential says adviser’s can input the exact amount they want, and can compare loans at different interest rates.
To use the calculator advisers will need a UNIPASS digital certificate. For those that do not have one already, this is available on the Pru website.
Jan Holt, head of sales for lifetime mortgages at Prudential, says: "The online calculator offers something really useful to advisers. It is part of our commitment to support them. Other initiatives we have taken recently include the establishment of a specialist lifetime mortgage team, and ongoing investment into the pruadviser website."
David Still, in retirement director at Prudential UK, says: "The Pru’s Property Value Release Plan has already been well received by advisers. Implementing the processing capability on the 17 October marks the start of a series of service innovations for advisers."
The mortgage applications will be handled by Global Home Loans (GHL), the UK’s largest third party mortgage administrator. The Pru has a team at GHL and will be utilising their latest case tracking technology, which includes sending automatic updates to advisers to ensure they can follow the progress of client’s applications.
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