Yorkshire Building Society is now sending its interest-only customers to equity release specialists Age Partnership at the end of their terms.
Age Partnership will then give free whole-of-market equity release advice to Yorkshire’s interest only clients who have a shortfall or no repayment vehicle at the end of their term.
Yorkshire Building Society senior risk and quality control manager of customer operations Andrew Clare says: “We are very pleased to be working with Age Partnership to develop a process to support customers who need wider advice than the group can currently provide.
“We look forward to introducing customers in complete confidence and trust that Age Partnership will look after their interests in the same way we would.”
Age Partnership corporate partnerships manager Tom Moloney says: “Our offering will encompass residential mortgage and equity release advice so clients benefit from real choice. To ensure cost is not a barrier to engagement, no advice fee will be payable.”
The partnership went live at the beginning of March.
Last July saw Legal & General sign a five-year deal to supply lifetime mortgages to Santander customers.