Mortgage Advice Bureau (MAB) has announced the launch of Mortgage Advice Bureau Later Life (MAB Later Life), as part of a new strategic partnership with later life lending specialist, Key Group.
The new alliance will enable MAB to enter a specialist and growing market with a proposition both to advisers and customers.
Formed more than 21 years ago, Key has helped UK over-55s to release more than £5bn of equity from their properties and will provide its infrastructure and regulatory umbrella to MAB Later Life.
MAB Later Life comprises a panel of four lenders which includes Key’s lifetime mortgage lender, more2Life, and all lenders are also members of the Equity Release Council.
The first phase of the alliance, which is already underway, involved the distribution of later life mortgage products through a small pilot group of existing specialist MAB advisers working under the MAB Later Life brand.
MAB deputy CEO, Ben Thompson, commented: “Broadening our addressable market to include products for the over-55s is an important part of our strategy, and a logical extension to our proposition.
“This exclusive strategic alliance provides MAB brokers with a greater range of products to enable them to compete at the highest level. Specialist advice is a key differentiator for intermediaries, and later life represents a clear opportunity for them to service new customers and extend their relationships with existing ones.”
Key CEO, Will Hale, added: “With later life lending moving up the agenda, it made sense for us to partner with a business with MAB’s scale and track record. It will allow us to bring more advisers into the sector by providing them with access to the market leading systems, training, compliance and monitoring support.
“We are therefore delighted to launch MAB later life which will see advisers supported with a range of services which includes access to a panel of market leading lenders. With more over-55s than ever before considering how they use their housing equity in retirement, this sector is set to go from strength to strength and we look forward to working closely with MAB to support these customers.”
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