The Marsden Building Society has established a new partnership with equity release and later-life lending specialist Age Partnership.

The three-year deal will enable Marsden to refer their interest-only mortgage clients through to Age Partnership for a free equity release review.

Heather Crinion, general manager (operations) at the Marsden, said: “We’re pleased to be working with Age Partnership to offer more choice to customers looking at their options in later life.

“We offer a range of mortgage products designed to support borrowers in retirement, including Retirement Interest Only mortgages, but where we feel equity release may be a better option, we welcome the opportunity to refer customers through to Age Partnership. This is a great way for us to improve our customer service and ensure the right outcome is reached.”

Russ Flannery, head of partnerships at Age Partnership, added: “There are still a vast number of people stuck on an interest-only mortgage deal without a repayment vehicle in place.

To be able to offer an additional solution to Marsden’s clients is a really positive step. It is only through considering the full range of later-life lending options, including RIO, standard mortgages and equity release, that we can truly find the right solution for these clients.

“The whole-of-market service that we will be providing to Marsden’s clients, with the addition of access to exclusive plans and rates, will allow our advisers to select the most suitable plan for each client’s individual requirements.

“In addition, as our face-to-face advisers make their return to the home environment, we are delighted to be able to offer clients the choice of how they would like to receive advice – either over-the-phone, via video appointment, or with a member of the face-to-face team in the comfort of their own home.

“It’s really all about providing clients with as much choice and flexibility as possible.”