Nigel Waterson, Chairman of the Equity Release Council, comments on the new partnership announced today between a high street bank, Santander; lifetime mortgage provider, Legal & General; and specialist equity release adviser, Key Retirement:

“2016 is shaping up to be a breakthrough year for the equity release sector. It is 25 years since providers originally collaborated to establish a safe and reliable market for consumers. As today’s announcement shows, we are now seeing new partnerships and relationships emerge which will help put more people in a position to make use of what is often their biggest potential source of wealth in later life: their home.

“Appetite from high street lenders to offer lifetime mortgages to their customers shows these products have a crucial role to play in mainstream financial planning for retirement. The many potential uses for housing wealth in later life – from paying off existing loans to providing additional income or passing on a living inheritance – make it a sensible inclusion on everyone’s checklist to consider as they make retirement plans.”

-ENDS-

For further information, please contact:

• Andy Lane, Jordan Campbell, Victoria Heslop or Will Muir, Instinctif Partners, on 020 7427 1400 or email: twc.[email protected]

Nigel Waterson is also available for further comment.

About The Equity Release Council

The Equity Release Council is the industry body for the equity release sector, which represents over 400 members including providers, qualified financial advisers, solicitors, surveyors and other industry professionals.

It works to ensure a safe equity release market for consumers, by operating rigorous Standards for the provision of advice and products which guarantee security of tenure and financial protections. 2016 marks the 25th anniversary since the first industry Standards were created for equity release in 1991. Since then, over 350,000 consumers have taken out an equity release plan from Council members, drawing on almost £17bn of housing wealth.

The Council also works with consumers, industry and policy makers to improve awareness and understanding of equity release and the potential for housing wealth to help solve many of the financial challenges facing people over the age of 55 across the UK.