Equity Release Group has struck a partnership with Responsible Lending, the later life lender owned by Royal London.

The move allows Responsible Lending to sell products on Equity Release Supermarket, a brand owned by distribution channel Equity Release Group.

Royal London Equity Release will also make available three products from its range across the channel and its partners — Principal, Standard and Premier deals.

The mutual says the latter two products offer live, flexible pricing results, as well as no application or valuation fees, downsize protection and flexible voluntary payments of up to 10% a year of the original loan.

Equity Release Group says Responsible Lending will gain access to equity release comparison tool, smartER.

Equity Release Group founder and chief executive Mark Gregory says: “This not only provides greater consumer choice, independence and transparency, but direct customer and adviser engagement.

He adds: “The market has been crying out for a broader product mix, and now with the addition of the Royal London Equity Release products, alongside the breadth and depth of our consumer base, we expect to see increased distribution and growth within the market.”

Responsible Lending intermediary sales director Chris Flowers points out: “The expansion of our range via Equity Release Group’s unique technology landscape will allow for far greater flexibility and choice, which consumers continue to require and demand.

“Equity release remains an important later life finance option, and through this affiliation we believe we are improving the options, possibilities and meeting the specific needs of homeowners looking to unlock their property wealth across the UK.”

In November, Royal London acquired the stake it did not already own in later life lender the Responsible Group to take full control of the business.

Royal London already had a 40% stake in the lender, which was founded in 2010.

The mutual says the move will allow the business to “scale the provision of later life lending in what it believes will be a growing market”.