Just Mortgages has partnered with equity release referral service Key Partnerships for both its employed and self-employed divisions.
This partnership will involve Just Mortgages referring any clients that may be interested in looking at equity release as part of a drive to ensure that its brokers can cater to the increasing number of clients who need access to the later life lending market.
Just Mortgages aims to provide its advisers with the permissions and education to advise on equity release.
John Phillips (pictured), group operations director for Just Mortgages and Spicerhaart, said: “We recognise the growing importance of later life lending in all of its guises and equity release forms a very important part of that.
“Not only can it help people when they need it most by providing solutions to challenging financial issues, but it can also be used for gifting and ‘age proofing’ their homes.
“Equity release is increasingly a vital part of the mortgage advice mix and that is why this relationship is such a vital one.”
Openwork is expected to provide Just Mortgages with the authorisation to advise on equity release by June or July 2019. After this point, Just Mortgages advisers will be able to choose to become qualified to advise on equity release with full training available or continue down the referral route.
Just Mortgages has said it recognises that there will always be advisers who prefer a referral service and so the arrangement with Key Partnerships is expected to be a long-term partnership, complementing its other services and the advice it offers its clients.
Jason Ruse, head of Key Partnerships, added: “Increasingly, we are seeing more and more companies in the financial services arena recognise that being unable to help customers who are looking for later life lending support is putting them at a competitive disadvantage.
“We are therefore delighted to be working with a well-respected brand like Just Mortgages as they look to make their offering for older borrowers more holistic.
“While equity release is not right for everyone, it is hard to argue that it does not fill a very real need in today’s market and we look forward to helping Just Mortgages service increasing numbers of their customers.”