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Pru to go it alone with lifetime loan

Prudential is set to end its relationship with Northern Rock for equity release and launch its own lifetime mortgage.

Money Marketing understands Prudential is developing its own equity-release product but it is still in the early stages of development.

Director of lifetime mortgages Ali Crossley has recently been an outspoken figure on equity release, calling Norwich Union’s launch into the reversion sector as “baffling”, espousing the benefits of lifetime mortgages and demanding greater flexibility for clients.

Pru’s home equity plan, which was developed and administered by Northern Rock, was launched in 2003.

Pru director of public relations James Murray says: “Any speculation is merely that at this point. We are looking to bring in new and different products into the market but it is not possible to confirm any concrete plans.”

Northern Rock PR manager Jaqualyn Purcell says: “We have nothing to add. Regarding lifetime mortgages, it is very much business as usual for Northern Rock.”

London & Country head of equity release David McGrath says: “The Pru lifetime product is simply an exact copy of Northern Rock’s with the words Prudential crayoned on the front. It will be good to see what they decide to do.”

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