A new ‘Over 55 Equity Release Service’ has been launched by SunLife and Age Partnership. The companies have joined forces to release the new service in the wake of the market’s growth over the past few years, setting out to provide those interested in equity release with helpful online tools to ease the process.
Commenting on the new service was group chief executive at Age Partnership, Tim Loy. He stated:
“We’re very excited to be partnering with the UK’s pre-eminent over 50s financial services brand to leverage their direct marketing expertise and offer a whole-of-market equity release service to a wider audience. The later life lending market is experiencing rapid growth, and raising awareness of equity release as a fully regulated product with a lot to offer, is one of the fundamental aims of our partnership proposition.”
Also sharing his thoughts on the launch was Dean Lamble, SunLife’s CEO. He said: “We all have hopes and plans for what we’ll do in our 50s, 60s and 70s, but with poor pension performance, interest-only mortgages and a ‘sandwich generation’ who are supporting both their children and parents, it’s increasingly tough for many people to enjoy the retirement they deserve.
“But with the typical house more than tripling in value over the last 20 years and UK housing stock now worth around £7 trillion, equity release could be the answer for many. We’ve conducted the biggest-ever research into life after 50, with 50,000 people – and we’ve seen that today, life after 50 means taking up new hobbies, trying new experiences, starting up new businesses and really enjoying the best years of your life.
“Equity release can help make that possible, so we’re delighted to be working with Age Partnership to launch The Over 55 Equity Release Service. Age Partnership arranges around a quarter of all equity release transactions in the UK, has helped people unlock over £2bn in equity and for more than a decade they’ve been giving customers an award-winning service that we’re proud to join forces with.”
