Yorkshire Building Society will partner with equity release specialists Age Partnership to ensure their interest only mortgage clients benefit from the widest range of solutions.
A unique partnership, believed to be the first of its kind, providing whole of market equity release and mortgage advice with no advice fee, sees Age Partnership offering this multi-solution service for Yorkshire’s interest only clients who have no repayment vehicle or a shortfall at the end of their mortgage term.
Andrew Clare, Senior Risk and Quality Control Manager of Customer Operations at Yorkshire Building Society further explains; “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.
“Age Partnership’s values and culture are aligned to ours and it is a completely customer centric organisation, as exemplified by their Net Promoter Score approach. I have also been really impressed by the eagerness and care their people have shown in developing the right approach for Society customers.
“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.”
The equity release sector enjoyed record growth in 2016 with over £2billion of housing equity released. Clients repaying interest only mortgages fuelled a significant proportion of the increased demand for this solution and all indicators suggest this is likely to continue.
Tom Moloney, Corporate Partnerships Manager at Age Partnership said; “We are delighted to be working with Yorkshire to support their interest only customers. Together we have tailored our services to ensure clients have the knowledge and confidence to make informed decisions.
“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.
“Combined with the right advice, equity release can play a key role in supporting clients with no interest only mortgage repayment strategy. With competitive rates of interest, improved flexibility and the ability to service interest, this could be a viable long-term solution for many clients”.
The partnership went live at the beginning of March.