Under the agreement Key will provide its infrastructure and be responsible for any advice given under the mortgage intermediary's new later life brand, ‘MAB Later Life’.
MAB Later Life comprises a panel of four lenders that are members of the Equity Release Council and includes Key's brand More2Life.
MAB had already distributed later life mortgage products through a small pilot group of MAB advisers but will now offer access to its other advisers.
Ben Thompson, deputy CEO at MAB, said: “Broadening our addressable market to include products for the over 55s is an important part of our strategy, and a logical extension to our proposition. This exclusive strategic alliance provides MAB brokers with a greater range of products to enable them to compete at the highest level.
“Specialist advice is a key differentiator for intermediaries, and later life represents a clear opportunity for them to service new customers and extend their relationships with existing ones. Those over the age of 55 today typically have large amounts of potentially untapped wealth that if released could transform their retirement.
“Providing the right advice to customers has always been a cornerstone of MAB, and we are delighted to partner with Key Group to provide customers with help, reassurance, and advice on an important lifetime decision.”
Will Hale, CEO of Key added: “With later life lending moving up the agenda, it made sense for us to partner with a business with MAB’s scale and track record.
“We are therefore delighted to launch MAB Later Life which will see advisers supported with a range of services which includes access to a panel of market leading lenders. With more over-55s than ever before considering how they use their housing equity in retirement, this sector is set to go from strength to strength and we look forward to working closely with MAB to support these customers.”
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