Equity release broker, Age Partnership has partnered with Knowledge Bank.
Brokers who place their cases with Age Partnership via this search system will qualify for preferential proc fees.
Brokers using the Knowledge Bank system have the option to state whether they have the relevant permissions to transact equity release business.
If they have, then they can access all relevant criteria and place cases themselves. If not they will presented with information on equity release and given the opportunity to refer their clients to Age Partnership.
Age Partnership is a significant player in the equity release market having helped release over £2bn through these schemes. It offers access to a range of lenders.
The equity release sector has boomed in recent years, with sales now at record levels. There was in excess of £3bn released through these schemes in 2017, and this looks set to increase.
Equity release has traditionally been used by older homeowners as a way of converting their equity in their home into an cash lump sum or income. But it is also increasingly being used by borrowers coming to the end of interest-only mortgages as a means of paying off this capital.
Knowledge Bank chief executive Nicola Firth says: “We wanted to create an environment where brokers could have real choices with their equity release business.
“Whether they are qualified to advise on equity release or not, [our] system offers a practical solution to either proceed with a case, or refer it to one of the leading brokers in the country.”
Age Partnership’s head of partnerships Adam Carnall adds: “We have seen the equity release market grow substanially in terms of product offering, but also the increasing sophistication and complexity of the criteria that sits behind the headline rates.
“Knowledge Bank offer a vital service in dissecting thousands upon thousands of criteria to enable brokers to get the right case to the right lender.”