The product is only available to intermediaries with distribution limited to Age Partnership and is soon to be launched with The Equity Release Experts – part of Key Group.

The deal is designed to allow borrowers to use equity in their home to help family members on to the housing ladder or supplement their retirement income.

Claire Scott, head of business development at Scottish Widows Bank (pictured) said: “As part of our ongoing commitment to the mortgage market, we continually review our offering, introducing new products and services as customer needs continue to change.

“People are living and working for longer, and as a result they are also facing new choices when it comes to planning for their financial future.

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“Offering a mortgage with the option to unlock some of the equity in their property gives customers greater choice to help make the most of their assets in retirement.”