Dorchester grows its market share

Its home equity release product, RAM Ultimate, was relaunched in the middle of last year. The company says sales are well ahead of expectations, with figures showing an increase in the average drawdown from $35,000 to $76,000.

Group general manager Henry Lynch, credits the growth of RAM Ultimate to the business’ commitment to protecting customers, as well as to a number of initiatives introduced over the past six months.

“Market response to our Reverse Annuity Mortgage product, RAM Ultimate, has been very positive as DorchesterLife continues to provide competitive interest rates and unique product features whilst upholding its promise of customer protection,” Lynch says.

DorchesterLife’s robust lending assessment criteria guarantees customers a minimum of 20% owners’ equity in their property at the initial drawdown, and protects customers by basing property growth valuations on a conservative rate of between 2% and 3.5% nationwide.

This compares to other home equity release providers who only allow for 10% owners’ equity and base property growth valuations on rates as high as 7% nationwide.

Lynch says the company rebranding as DorchesterLife, the re-organisation of its support teamand an innovative web based customer relationship management (CRM) system are all helping.

The purpose built CRM system gives accredited brokers the ability to track clients through the different stages of the application process, compile a client history and provides them with simple-to-use calculators to determine the amount DorchesterLife can advance to clients.”