Pure Retirement has become the first equity release lender to join the Mortgage Broker Tools sourcing platform.It means the lender’s lifetime mortgage deals will be fully searchable to a wider audience of advisers alongside mainstream products who would not normally deal with equity release.

The companies both say this is becoming increasingly important due to rates between later life lenders and standard mortgages getting closer.

It is also important for advisers to consider lifetime mortgages as an option for older borrowers on expiring interest-only deals, they say.

MBT provides criteria, affordability and pricing to advisers with results in less than a minute.

As well as speeding up the advice process, it also provides proof of research for compliance purposes.

Pure Retirement head of distribution Scott Burman says: “We’re pleased to have partnered with Mortgage Broker Tools, providing a platform for mainstream advisers to have visibility of our products.” 

“With the addition of interest-serviced products in the later life space, the difference in rates between residential and lifetime mortgages has never been so close.

“And with lifetime mortgages offering the flexibility to move homes and buy properties, there’s never been a better time to partner with a holistic technology platform and widen awareness of the possibilities offered by modern later life lending.”

MBT chief executive Tanya Toumadj says: “Later life lending is a growing sector given the aging population. 

“However, it can sometimes be difficult to compare the options provided by later life lenders with those from more traditional providers. 

“With the integration of Pure Retirement into MBT, we provide an easy way for brokers to review the options side-by-side based on their clients’ circumstances. 

“In our data we can see that for 30% of cases where an applicant is 55 years or older, no current lender on our panel will meet the loan requested – a clear area where Pure Retirement could help.”

The news comes after Pure Retirement announced changes to its originations team last month.