Saffron Building Society has signed an exclusive contract with equity release referral service Key Partnerships for its existing and new customers to access equity release advice from them.
Saffron offers a lending into retirement mortgage and has made the choice to refer those customers who approach them for support with later life lending and may find equity release is a better fit for their situation.
Key Partnerships provides an equity release referral service through Key, an independent equity release advisor.
Jason Ruse, head of Key Partnerships, said: “The interest in the later life lending market is growing rapidly and as part of this we are seeing an increased number of consumers trying to access information and advice on equity release products as they consider their later life lending requirements.
“This partnership is great news as it means that customers can approach a building society they trust for support with their later life lending needs – safe in the knowledge that Saffron has found a trusted partner who will support them through the equity release advice process if this is right for them.”
Colin Field, chief executive at Saffron Building Society, added: “As a building society, we put customers at the heart of what we do and are therefore delighted to offer a range of later life lending options.
“We are aware that borrowing when you are older is a decision that needs to be considered carefully so we are delighted to be able to offer our customers access to market leading equity release advice from Key Partnerships.”
New equity release lending has increased from £3.01bn in 2017 to £3.6bn in 2018 – an increase of 19%.
Key Partnerships has seen a 38% increase in adviser referrals in 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.