Key Partnerships, the equity release referral service for the UK’s leading retirement finance business, Key Group, has announced the launch of their new Retirement Funding Tool – a first for the later life lending market.
The tool, which can be accessed on the Key Partnerships website [www.keypartnerships.co.uk/retirement-funding-tool
], has been created to present a more interactive and flexible way for intermediaries and other partners to discuss their clients retirement finances with them. It provides a holistic review of a client’s assets by taking into consideration state and private pensions, value of their home, savings and investments.
While many over-55s are homeowners, they often fail to realise the real difference that their housing wealth could make to their retirement – for example the average amount released is equivalent to over eight years of full state pension payments. This tool will help introducers drive conversation around property wealth and help clients see how they are able to use all their assets to fund their retirement.
Jason Ruse, Business Development Director at Key Group, said
: “We are seeing strong growth in the equity release market, with the recent Key Market Monitor figures suggesting £1.47billion worth of new borrowing was released in the first half of 2020. However, a significant proportion of people are still not factoring in property wealth when they plan for their retirement which seems wrong when you consider they could release over eight times their annual state pension from their home.
“To help introducers start these conversations, we have developed this flexible interactive tool that highlights not only what people might expect to spend in retirement but also how all their assets can be used to make their later life more comfortable. Equity release is not right for everyone but including later life lending in retirement conversations only makes sense!”
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In 2020/21, the full state pension allowance is £175.20 per week or £9,110 per annum (https://www.gov.uk/new-state-pension/what-youll-get). In H1 2020, the average customer released £74,014 (Key Market Monitor)
Notes to Editors
Part of Key Group, Key Partnerships provides an equity release referral service through The Equity Release Experts which is the whole of market division of the UK’s largest independent equity release broker – Key. As the consumer appetite for equity release continues to grow, Key Partnerships offers a way for its partners which include mortgage brokers, wealth managers, estate agents and solicitors to safely recommend clients to expert advisers. Key Partnerships focuses on tailoring its service to meet the needs of its partners and their clients – helping to ensure that if a business doesn’t have the tools, permissions or time, they can still service their clients.
For more information, please contact:
Director of Public Relations and Public Affairs
E-mail: [email protected]
E-mail: [email protected]