Mortgage Advice Bureau (MAB) has launched a later life advice arm as part of a partnership with equity release distributor Key.
MAB Later Life will use a restricted panel of four lenders and will use Key’s infrastructure to deliver the deals. More2Life, Key’s own lender is part of the panel.
Key will give MAB’s advisers access to its systems, training, compliance and monitoring support.
A pilot was carried out in the first phase of the partnership where a small group of MAB advisers. It has now been rolled out to more advisers who want to become involved in the later life lending market.
Ben Thompson, MAB’s deputy chief executive, said: “Broadening our 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.”
Will Hale, chief executive of Key, said: “We are 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.”
Mortgage Solutions understands the three other lenders on the panel do not wish to be named.
Samantha Partington is a freelance trade and consumer journalist writing about property and personal finance. Previously she worked worked for the Daily Mail and Property Week. She is the former deputy editor of Mortgage Solutions and editor of Specialist Lending Solutions.
Before becoming a journalist, Samantha worked as a mortgage broker and latterly for a mortgage, bridging and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @SamJPartington1.