Standard Life has returned to the equity release market after more than a decade in a tie-up with specialist broker Age Partnership.
The life company previously had a lending arm called Standard Life Bank which offered equity release mortgages until 2008 when it joined many rivals in retreating from the sector as the financial crisis grew.
Standard Life Bank was then sold to Barclays in 2009 for £226m.
The new tie-up with Age Partnership will see the broker’s equity release calculator promoted on Standard Life’s website.
Age Partnership’s advice service will also be offered to existing Standard Life customers.
Standard Life brand and marketing director Susie Logan says: “Equity release adds to our existing suite of life savings solutions, providing an option for those over 55 who want to release a lump sum of money for their retirement years.
“Since pension freedoms, we are seeing so much diversity in the way people are accessing their life savings.”
She adds: “We chose to offer the solution through a partner who has been providing specialist equity release advice for the past 15 years and has helped over one million people decide whether equity release is right for them.
“Furthermore, Age Partnership currently holds the highest net promoter score in the industry, so we are confident that our customers will receive great Equity Release advice.”
Age Partnership commercial director Dan Baines says: “Standard Life’s decision to offer an equity release service direct to customers is recognition that equity release is fast becoming a mainstream solution for later life financing.
He adds: “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.”
Age Partnership will also be providing guides to help customers learn more about equity release.
There will be four broad categories of equity release product available via Standard Life:
Customers will be able to choose from a range of lifetime mortgage, drawdown lifetime mortgage and interest-only lifetime mortgage products as well as home reversion plans from a range of different lenders.