Advise Wise has introduced Retirement Interest Only (RIO) mortgages and holiday let plans to its sourcing platform.

Similar to lifetime mortgage sourcing, Advise Wise members can choose to include RIO and holiday let products to their search results when running a sourcing session on the Advise Wise Platform, with the ability to compare the chosen products side by side and request KFIs.

The recent addition of RIO plans and holiday lets means the lending partners working with Advise Wise have expanded to include Hodge, Legal & General Home Finance, the Loughborough and LiveMore.

Benjamin Wells, head of products and development at Advise Wise, said: “We’ve been continuing our ambitious innovation schedule and are pleased to announce the addition of RIOs to our sourcing platform. It’s one of many advancements this year as we look to continue to provide the best technology platform for advisers in the later life market.

“With more products than ever, it’s key that advisers have access to all the technology they can in order to achieve the best customer outcomes in this vastly growing market and we are working in this direction.”

Andrea Roberts, national account manager for Hodge, stated: “The later life mortgage market is booming and as one of the first RIO lenders to market, we’re delighted to be partnering with Advise Wise, a forward thinking company that offers innovative tech solutions for advisers. In a time where choice and flexibility are key, it’s fantastic advisers can now have access to RIO through the Advise Wise Platform.

“We’re thrilled to be able to offer the Hodge RIO to even more advisers who believe, like us, that later life advice should be truly holistic and tailored to the needs of todays over 50s borrower.”

Craig Brown, CEO of Legal & General Home Finance, said: “RIO mortgages can provide a great solution for homeowners, such as those looking to pay off an existing interest-only mortgage or to purchase a new home. Making our RIO available via Advise Wise will allow us to help more people find the right solution for them.”

Phil Quinn, head of intermediaries at LiveMore, added: “The opportunity to work with Advise Wise gives us a fantastic platform to showcase our RIO products and proposition. Our fresh look at affordability and flexible approach to underwriting really does mean that intermediaries will be able to offer more choice to their customers than has previously been available.

“For too long the mortgage market has been underserved for customers 50 – 90+ and we are able to plug a gap which gives Intermediaries more opportunity to meet customer needs.”