Brokers who place their cases with Age Partnership through Knowledge Bank will receive a 20% higher proc fee than they would by going direct.
Currently, Age Partnership has a proc fee of 1.5%, which would be bumped up to 1.8% should brokers use Knowledge Bank.
Brokers who sign up to Knowledge Bank will be given an option to say whether they have the relevant permissions to transact equity release business.
If qualified, they can access the pertinent criteria to place cases themselves.
If not, they will be able to refer their clients to Age Partnership.
Success story
Over 2017, the equity release market soared past £3bn in lending, a figure that Age Partnership expects to grow further as more borrowers are coming to the end of their interest-only mortgage terms.
“The equity release market was undoubtedly one of the success stories of 2017,” said Adam Carnall, head of partnerships at Age Partnership.
He continued: “We have seen this market grow substantially in terms of product offerings but also the increasing sophistication and complexity of the criteria that sits behind the headline rates.
“This is why it was such a wonderful fit for us to create a partnership with Knowledge Bank who offer such a vital service in dissecting thousands upon thousands of criteria to enable brokers to get the right case to the right lender.”
Nicola Firth, chief executive officer of Knowledge Bank added: “Age Partnership is a very well respected and award-winning broker and so we knew they were the best equity release organisation to have secured this partnership with.
She continued: “We wanted to create an environment where brokers could have real choices with their equity release business and fundamentally enjoy the best of both worlds.
“Whether they are qualified to advise on equity release or not, the Knowledge Bank system offers them a simple, practical solution to either proceed with a case or refer it to one of the leading and most highly respected brokers in the country.”
