Premier Mortgage Service is making an aggressive push into the equity-release market to try to close the gap on runaway intermediary market leader Key Retirement Solutions.
PMS has created 15 equityrelease specialist brokerages throughout the country and its club of 16,000 authorised intermediaries can place business through these brokerages.
It says this gives an avenue for firms that would not otherwise be able to place equity-release business and the number of specialist adviser firms could increase if demand increases.
Managing director John Malone says: “We have been working on this for nine months. This is another way to ensure there is a viable market, as many of our intermediaries would not have been able to help but they will know which firm in their area to put business through.”
The move has been welcomed by providers which are keen for more advisers to enter the market. Retirement Plus managing director Duncan Young says: “I am delighted as the more interest that someone like PMS shows, the happier I am. I have a high regard for the firm’s professionalism and the market needs more advisers. The firms chosen are experts and their advisers all have the necessary qualification and exams.”
The Mortgage Times has set up a specialist team within its Mortgage Minds broker arm so its network members that do not specialise in equity release can place business.