Buckinghamshire Building Society has signed an exclusive contract with leading equity release referral service – Key Partnerships – giving their existing and new customers the opportunity to access specialist advice.
As a growing sector within the mortgage market, increasing from £1.25 billion to £1.7 billion (37%) of lending in 12 months, equity release is becoming a popular, and sometimes essential, way to fund the lives of the over 55s.
Buckinghamshire Building Society has been at the forefront of products designed for older borrowers, with both in and into retirement products and has recently launched a retirement interest only product (RIO).
Tim Vigeon, Head of Lending at the Buckinghamshire said “We know that borrowing when you are older is a decision that needs to be considered carefully. Increasingly customers are looking at borrowing in later life and this partnership means any customer who enquires about equity release or has been identified as potentially benefitting from this option can be referred onto Key’s independent specialist advisers.”
Key Partnerships provides an equity release referral service through Key – the UK’s leading independent equity release advisor.
Key Partnerships has seen a 46% increase in adviser enquiries in the first half of 2018 compared to the same period in 2017. This highlights the growing interest amongst organisations who wish to offer their clients access to the benefits of equity release but may not have the necessary permissions to provide advice themselves.
Jason Ruse, Head of Key Partnerships, said: “The interest in the equity release market is growing rapidly. We are seeing increasing numbers of consumers trying to access independent regulated advice about equity release products as they consider their later life lending needs.
“This partnership with Buckinghamshire Building Society means that their customers can now deal with a brand they trust – secure in the knowledge that if equity release advice is right for them, they will be referred to a trusted partner. We have seen a 48% year on year increase in the number of referral partners who have approached us for support with equity release and are keen to hear from other firms who are also interested in offering these products to their clients.”