Specialist lender Together has joined the Equity Release Council, bringing more than 50 years of specialist lending experience to the trade body as the later life lending market expands beyond traditional equity release products.

Together provides first charge, second charge and bridging finance, including solutions for customers aged 55 and over. By joining the Equity Release Council, it is indicating a greater interest in serving older borrowers and helping shape the evolution of the sector.

The Cheshire-based firm, one of the UK's larger specialist non-bank property lenders, with a loan book of £8.5bn, will contribute its expertise to the council’s work on collaboration, innovation and standards across the later life lending market.

It comes as housing wealth is being viewed as an increasingly important part of retirement planning, while the Council has recently highlighted growing interest in later-life borrowing options and greater choice for older homeowners.

Older homeowners are increasingly considering a range of products, including retirement mortgages, interest-only mortgages, specialist residential loans and equity release, depending on their circumstances.

Rachel East, group head of strategy at Together, said: "Joining the Equity Release Council is about broadening the conversation around later life lending. As customer needs become more complex, the industry has a responsibility to think beyond traditional boundaries and work together to deliver better outcomes."

Kelly Melville-Kelly, deputy CEO and director of risk, policy & compliance at the Council, said: "The later life lending market is becoming increasingly diverse, and it is important that our membership reflects the breadth of solutions and expertise available to customers as their needs evolve.

"By bringing different parts of the market together, we can continue to raise standards, build greater understanding of the options available and support good outcomes for customers throughout later life."

The Equity Release Council, whose roots go back to Safe Home Income Plans (SHIP), has more than 800 member firms and 1,800 registered individuals across providers, funders, advisers, solicitors, surveyors and other professionals.

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