Equity release broker Age Partnership is recruiting 30 advisers to support predicted growth in the market.
The new advisers will join several areas of the business including its plan review switching, premier client, face-to-face and over the phone teams.
Matt Stirland, head of equity release at Age Partnership, said: “We’re already feeling the bounce back of demand and predict this to grow further in H2. Clients are now feeling much more confident about making financial decisions around their future.”
An Equity Release Council market report for spring 2021 indicated that borrowers refrained from releasing equity in response to the pandemic, with returning drawdown and further advance activity quieter in H2 2020 than a year earlier.
Age Partnership’s recruitment drive comes after OneFamily said it was expanding its equity release advice offering by doubling its team of advisers, after seeing “rapid growth” in applications since launching in 2018.
Last month Age Partnership also launched its switching service with a team of 12 advisers to review borrowers’ existing equity release plans.
In addition to its recruitment drive, the broker said it would spend £10m on marketing this year in order to increase its market share and support growth of the wider industry.
Analysis of Halifax’s quarterly house price index from Canada Life found the amount of equity available to release in homes in Q1 exceeded £650bn for the first time.
Figures from Moneyfacts also showed the number of lifetime mortgages available exceeded 500 for the first time on record at the end of April.
Return to face-to-face
Age Partnership has also confirmed that it will return to face-to-face advice from June, in line with the government’s roadmap out of lockdown.
The government has said that it hopes to remove all legal limits on social contact from June 21.
Age Partnership’s Stirland said: “This is something that we’re all delighted about, including our clients who are now requesting in-home visits.
“Our face-to-face team adapted fantastically during the lockdowns. The new skills learnt and the use of tech are now a firm part of our business, but these advisers are specialists at delivering advice in a home environment.”
chloe.cheung@ft.com
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