Equity release broker Age Partnership and its sister company, Pure Retirement, which provides home loan mortgage contracts within the equity release market, have posted combined profits of £22.0m EBITDA for 2022.

This comes as the pair wrote new loans of over £1.7bn between them last year.

During the financial year, Age Partnership produced a £5.0m profit, up from £2.6m, while Pure Retirement built on its £13.0m profit for the previous year by posting a £17.0m profit in 2021.

The equity release sector has witnessed significant growth over the past few years with new loans reaching £6.2bn in 2022.

Age Partnership suggested the rise in popularity is not only due to a better understanding of the product but several other factors, including having interest rates fixed for life, no risk of home repossession if optional repayments are not made, receiving money tax free, a unique no negative equity guarantee provided as standard plus the opportunity to gift money early to family members for help & support and inheritance tax planning.

To meet this increasing demand, Pure Retirement has continued to invest in its loan servicing and technical capability to support third party relationships for its services and products, with its headcount increasing by 65 during the year to 277 employees. The firm had £4.3bn of loans under administration at the year end, which is anticipated to grow to more than £5bn this year.

“Increasing UK market demand allowed the company to assist more people than ever to realise tax free cash part of the equity in their homes. Improving their lifestyle and in many cases that of their families,” commented chairman of both Age Partnership and Pure Retirement, Andrew Thirkill.

“To support demand, we are supported by outstanding teams across the two companies led by highly experienced CEOs in Steve Auckland at Age Partnership and Paul Carter at Pure Retirement.”

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