Equity release referral service Key Partnerships has seen a record 47% increase in enquiries compared with last year.

It says market growth is highlighting the need for advisers to provide solutions for clients using housing wealth to meet their financial objectives in later life.

The growing number of over-55s facing maturing interest-only mortgage issues is further fuelling growth as mortgage brokers look to equity release as a potential solution for their clients, the firm said.

Key Partnerships is benefiting from recently joining forces with both TMA and Sesame Bankhall with both groups enabling members to refer customers to fully qualified and experienced specialists at Key.

Arrangements with mortgage clubs and networks are expanding awareness of equity release among a wider range of intermediaries and Key is confident this will be a large driver of further growth in the number of referrals throughout 2016

Will Hale, director at Key Partnerships, said: “The record growth in the equity release market coupled with the launch of new lenders and plans means advisers need to have solutions in place for clients who want to access their housing wealth.

“Advisers deal with customers from a wide-range of backgrounds and vastly different financial needs. Anyone working with older homeowners needs to be aware of the importance of assessing property wealth and the potential to access cash for a variety of purposes.

“Having a specialist relationship in place with advisers they can trust is an important part of ensuring the best possible customer outcomes as well as protecting advisers’ own businesses.”