Spicerhaart enters interest-only partnership with Responsible Life

The solution is aimed at lenders with interest-only customers that are either coming to maturity with no plan in place or are already there.

The service will be offered to those borrowers who have an expired interest only loan or are reaching maturity, primarily focusing on those that wish to stay in their home but don’t have the ability to pay off their loan.

As a whole of market provider, Responsible Life can now offer advice and access to a range of solutions including retirement interest-only mortgages, lifetime mortgages and equity release, alongside traditional mortgages and remortgages.

Mark Pilling, managing director at Spicerhaart Corporate Sales, said: “With our new proposition we are able to combine all the expertise needed to be able to find the best solution for both lenders and also borrowers.

“For those borrowers that don’t have the ability to repay their interest-only loan, or don’t want to sell, refinance is often the best option. For those that do want to go down the refinance route, we can now facilitate an introduction to Responsible Life, who are a whole of market provider and one of the largest equity release brokers in the market.

“Responsible Life has a wealth of experience in this area and a proven track record of delivering positive customer outcomes. The fact that it audits 100% all of the loans which are offered gives us an added comfort and clear audit trail that the most appropriate outcome is achieved.”

Tim Waterlow, development director at Responsible Life, added: “The challenge facing many interest-only mortgage customers is significant, and as an industry we need to get better at helping these borrowers. By working with Spicerhaart Corporate Sales, we are now able to offer a full end to end service to help interest only customers who are struggling to repay their loans.”