Standard Life will start offering equity release products to advisers through an agreement with Age Partnership.
Through the Standard Life equity release service, advisers will have access to lifetime mortgages, with and without a drawdown facility, interest-only lifetime mortgages and home reversion plans.
Advisers will receive introducer fees, plus access to Age Partnership’s dedicated team of partnership development managers, the provider stated.
Equity Release has been growing steadily in popularity, with the Equity Release Council reporting new customer activity almost doubling since the first half of 2016, according to its Market Report Autumn 2018.
Standard Life Bank had operated in the market until 2008, before it was sold to Barclays in 2009.
Standard Life now stated equity release was becoming an increasingly important option for many over 55s who are looking for more choice with their life savings and want to unlock some of the value of their home.
According to data from Moneyfacts, this market has grown by more than 50 per cent in the last year alone.
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.
Susie Logan, brand and marketing director at Standard Life, said since the pension freedoms there has been much more diversity in the way people are accessing their life savings.
She said: "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: "We’re proud that Standard Life, who has such a strong history in life savings, has chosen Age Partnership to offer an equity release referral service.
"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."
maria.espadinha@ft.com
