Key Retirement is to help with the distribution and design of Secure Trust Bank’s proposition in the market.
The sector’s bumper growth continues, with equity release lending up 25% in the first three months of 2018, compared to the same period last year, recent data showed.
Secure Trust Bank’s mortgage division, including later life lending, launched in 2017 and targets customers who fall outside the criteria of high street lenders.
The lender last month released a range of interest-only and part and part mortgages.
Esther Morley, managing director at Secure Trust Bank (pictured), said: “As we continue to grow and develop as a business, we seek not only partners who can effectively distribute our products, but also those who can assist us as we evolve our proposition.
“In the case of later life lending, mortgage providers have a responsibility to offer access to the right products and ensure services are available to meet the needs and requirements of older consumers.
“Key Retirement has long been established as an expert in this area and we look forward to working with them.”
Will Hale, chief executive at Key Retirement, added: “While equity release continues to grow in popularity and remains the product set that meets the needs of the majority of our customers, we are seeing an increase in enquiries from older borrowers who want access to more capital and are willing and able to make interest repayments on a conventional mortgage but are coming across barriers from their existing lender and other high street firms.
“These customers often have multiple sources of income moving into retirement but need lenders to take a more flexible approach to their individual circumstances.
“With limited specialist lenders in this space, we believe Secure Trust Bank can fill a niche for which there is much need.”