Brightstar Financial has partnered with Sentry Lifetime to offer brokers later life lending products.
Because Sentry Lifetime gives advice through regulated advisers who are members of the Equity Release Council, the deal allows brokers without the relevant qualifications to offer their clients equity release products through a referral scheme.
Lifetime lending is a booming market, with Legal & General suggesting growth for the foreseeable future and Key recently reporting that nearly £10m a day was released from property in the first half of this year.
Brightstar financial chief executive Rob Jupp says: “Demographics dictate that later life lending is one of the biggest areas of opportunity for brokers, but it is a specialist area and equity release has its own qualifications and separate permissions. By launching our later life lending service, we are enabling brokers to diversify their offering whilst maintaining focus on their core areas of business.”
Sentry Advice Limited managing partner Thomas Webster adds: “[Lifetime mortgages are] an area of growing demand and our partnership with Brightstar means that brokers can access the opportunity even if they don’t have experience or expertise in this area. We will do the hard work and own the advice, but brokers can maintain ownership of the client and take a share of the proc fee.”
