Retirement Advantage pulls equity release products

Retirement Advantage has pulled a number of products from the equity release market, leaving just its Interest Select Gold deal at 5.99% available to customers, writes Hannah Uttley

Retirement Advantage has pulled a number of products from the equity release market, leaving just its Interest Select Gold deal at 5.99% available to customers.

From 5pm on Friday 26 June advisers were no longer able to generate KFIs for Retirement Advantage’s Lump Sum, Voluntary Select and Interest Select Platinum products.

Its Interest Select Gold deal will be the only equity release available from Friday and it will continue to offer guaranteed and flexible income annuities.

In a broker statement, the retirement lender said despite its product range ‘taking a large share of the overall equity release market’, it had reached the available tranche of funding for the products.

In May, equity release provider Stonehaven and retirement specialist MGM Advantage merged to create Retirement Advantage.

The firm said it wanted to become the mainstream lender for equity release and also had plans to launch an income drawdown product, The Retirement Account, later in 2015.

Just last month Retirement Advantage said it planned to continue evolving its product range this year.

The lender said in its broker note that it anticipated launching a more extensive product range later in the year.

Retirement Advantage Equity Release executive chairman Robert Sharpe said: “We knew the products would be attractive and available for a limited period, however, the demand has been unprecedented.

“We’ve been thrilled with the success of the new range, but having reached the end of the available funding relating to that suite of products, they are being withdrawn.

“It is clear to us that the equity release market continues to grow as more and more people reaching retirement age look for a solution to repay any remaining balance of their Interest Only mortgage or use the equity in their property to supplement their retirement income.”