The updates include the introduction of a drawdown facility and a reduced early repayment charge (ERC) period from ten to seven years.

According to Royal London, with the new drawdown capability clients will have the option to access their property wealth more flexibly, tailoring their withdrawals to suit their evolving needs.

And the reduced ERC period provides further flexibility for clients who choose to service the interest on their loan or make larger repayments.

Any pipeline cases progressing through application will continue under the previous ten-year ERCs. Upon completion, these cases will be switched to the new seven-year ERCs, and a communication will be sent to inform all parties.

Commenting on the changes Royal London Equity Release, customer life stage and solutions director Alan Ritchie said: “We know that the market must expand significantly to meet the growing customer demand for robust retirement planning and repayment of traditional mortgages.

“The new capabilities – a drawdown option and a reduced ERC period – provide advisers and their clients with more choice and meaningful flexibility. We will continue to listen to advisers and also use insight from customers to innovate in the market and to stand out for customer outcomes.”