Air is supporting Linear Financial Solutions as the Primis Mortgage Network firm launches into the equity release market.
Linear will offer an equity release referral desk to help brokers access specialist later life lending advice and a wider range of products and services.
Air is providing training for Linear’s equity release advisers as the firm expands its proposition.
The move comes amid wider growth in later life lending, with mainstream mortgage brokers increasingly looking to specialist advice routes for older borrowers.
UK Finance data showed the total value of loans across the later life lending sector rose by 20.5% in the fourth quarter of last year compared with the previous quarter, reaching £6.8 billion.
This included about 5,700 new lifetime mortgages, with a total value of £510 million, and about 388 retirement interest-only mortgages, with a total value of £36 million.
Will Hale, chief executive officer of Air, says: “Linear’s commitment to the highest standards of service and good customer outcomes makes them an ideal referral partner for firms across the Primis Network.
“A growing number of mortgage advisers recognise the need to consider all later life lending options for all customers over the age of 55.
“We will support Linear as they grow their business and provide advisers with opportunities for growth too, in what is an expanding later life lending market.
“The sector represents a massive opportunity for advisers and is set to grow exponentially in the years ahead, making it an essential part of mainstream mortgage adviser businesses as they look to invest in and develop what they can offer to customers.
“At Air, our goal is to equip advisers with the insight and tools they need to establish productive referral relationships where appropriate and to deliver confident, client centred advice in a fast-moving environment.”
Jim Boyd, chief executive officer of the Equity Release Council, says: “This is a clear sign of how later life lending is becoming a more established part of mainstream mortgage advice.
“As more customers approach retirement with existing mortgage debt and wealth across both pensions and property, advisers need to take a more holistic approach and ensure all options are considered – including modern lifetime mortgages.”
Matt Surridge, director at Linear Financial Solutions, adds: “Offering customers choice is a priority for our business. We are seeing strong demand from older borrowers to consider all their options when remortgaging and Air’s support has been crucial for us in developing our equity release referral desk, as we relaunch into a market which requires specialist advice.
“Older borrowers often have specific needs that may not be best served by traditional mortgage solutions. It’s vital that all mainstream mortgage advisers engage proactively with customers over 55 to offer specific later life lending advice; the message is clear – advise or refer but don’t ignore.”
Air’s recent report, The home belongs in the plan – Why later life lending is essential for client centred advice, produced in partnership with Tony Wickenden of Technical Connection and Phillip Wickenden, chief executive officer of Ad Lucem, also makes the case for advisers to offer later life lending advice.
The report said the cost for adviser businesses of launching into later life lending is estimated at about £21,700 for qualifications, training, compliance and marketing, requiring eight cases a year to break even.
Air is also running a series of webinars for IFAs, residential mortgage advisers, wealth advisers and later life lending specialists. Its services include training on setting up referral pathways and business development, as well as support on qualifications.
