Equity Release  

Paradigm launches equity release referral service

Paradigm launches equity release referral service

Mortgage services group Paradigm is now offering an equity release referral service for its members, with Age Partnership.

The organisation stated with more customers than ever requiring advice on equity release, it is important to be able to offer a service for those requiring lifetime mortgages.

John Coffield, head of Paradigm Mortgage Services, said: "Not all advisers have the necessary authorisation or experience in the later life market to offer advice, however I suspect all advisers will be seeing a growing number of clients who need it.

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"This is why we have formed this referral agreement with Age Partnership. Not only does it deliver the necessary advice to clients but it can act as a significant income-generator while at the same time adding a considerable string to the adviser's bow."

According to Adam Carnall, head of partnerships at Age Partnership, the average commission received by an introducing adviser in 2017 was £1,429 per referral.

Age Partnership's offering to advisers includes a no-cross sales guarantee and access to a whole of market panel and exclusive products, plus they pay introducer commissions within seven days of a case completing.

Mr Carnall said: "We are delighted to be working with Paradigm members and offering their clients access to independent and impartial whole of market equity release advice.

"The later life lending market is enjoying rapid growth and raising awareness of the solutions available through the advisory community is one of the fundamental aims of our partnership proposition."

Age Partnership recently announced further expansion, creating 200 new jobs in 2018.

The company claimed it advised on one in four equity release cases in the UK in a booming market.

The most recent figures from the Equity Release Council (ERC) showed a 42 per cent increase year-on-year in homeowners using the plans, with 20 more plans available.

Recent figures from Responsible Equity Release (RER) showed the average amount of equity released by individual homeowners in November hit an all-time high of £85,946, up from £70,851 in October.

Last year's announcement that building society Nationwide would enter the equity release market was a further example of how mainstream equity release has become.

The Nationwide product is backed by Age Solutions, part of Age Partnership.