Standard Life re-enters equity release market with Age Partnership

Standard Life re-enters equity release market with Age Partnership

Standard Life has partnered with specialist equity release broker Age Partnership on its re-entry to the market.

 

Standard Life Bank entered the equity release market as a provider back in 2003 and left in 2008, with the onset of the financial crisis, before it was sold to Barclays Bank in 2009.

It noted that a decade later, equity release was growing in popularity as many over-55s try to unlock some of the value of their home to fund their retirement or help younger generations of their family get on the property ladder.

The Equity Release Council has reported that new customer activity almost doubled since the first half of 2016 and the lifetime mortgage market is expected to surpass £5bn this year.

Age Partnership will be providing whole-of-market equity release advice along with guides and online calculator tools to support advisers when discussing equity release with clients.

Age Partnership’s advice will also be available to existing Standard Life customers.

 

Broad spectrum of needs

Susie Logan, brand and marketing director at Standard Life, said: “Since pension freedoms we are seeing so much diversity in the way people are accessing their life savings.

“By adding an equity release service, we are acknowledging that advised clients have an increasingly broad spectrum of financial planning needs.

“Equity release gives advisers another option for clients, offering them more flexibility and choice in how they spend their life savings, and, for many their property may be their biggest asset.”

Dan Baines, commercial director at Age Partnership, added: “There are more products on the market than ever before, providing homeowners with flexibility on how and when they choose to access their property equity.

“We look forward to helping advisers via Standard Life, for many years to come.”

 

SOURCE: mortgagesolutions

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