AIR Sourcing, a new sourcing system for equity release and retirement lending products, has gone live with over 900 advisers pre-registered to use it.
The system covers both the benefits and protections afforded by Equity Release Council-approved products, but also features products for older borrowers from across the entire lending market.
AIR Sourcing allows users to operate a filtering process which reduces the entire current list of products, and their variations, to a suitable final shortlist, allowing advisers to compare only suitable products using a true-cost comparison. This takes account of not only interest rates but also incentives such as cash backs and fee incentives.
Advisers will also be able to request their Key Facts Illustration online and download the correct application forms, or apply online with providers offering this functionality.
AIR Sourcing is available to advisers free of charge and will offer products with enhanced terms for members of the Equity Release Club and Later Life Academy. It has been developed by Answers in Retirement Ltd.
Ray McCarthy, marketing and distribution director at Answers in Retirement Ltd, said: “It is very pleasing to be able to announce that the AIR Sourcing system is now fully functional and advisers are able to both register and start using the software immediately.
“We believe this is a significant moment for both the equity release and the lending to older borrower sectors because we are offering advisers the ability to source products from across these areas and to ensure they can deliver the right advice and recommendations based on their client’s wants and needs, plus the much more stringent affordability requirements they will have to go through.
“Our focus is now on ensuring advisers are supported and trained to be aware of the ever growing range of suitable products that lenders and providers are bringing to market, plus (perhaps more importantly) the consumer choices and protections offered by these different set of products. To that end, we are offering advisers access to the Equity Release Club Development events which will open up access and support to a broader range of advisers.
“We would urge all those who have pre-registered for AIR Sourcing to go the next step and begin using the system – our team is available to deal with questions and feedback and we look forward to continuing to develop the system and helping advisers utilise and access all the available products that are currently available.”
