Paradigm Mortgage Services has entered into a referral partnership with HUB Financial Solutions.

The agreement will allow Paradigm member firms who do not advise on equity release as a core part of their offering to refer these clients to HUB.

Part of Just Group, HUB is a specialist equity release advisory practice which has helped homeowners release more than £1bn of equity from their homes since it was established in 2006.

As part of the referral arrangement, Paradigm’s member firms will also secure an introducer fee of 1.75% of the amount released on each completed case, with a minimum of £750.

Paradigm director of mortgages, Richard Howes, commented: “Over the past few years we have witnessed an increase in need and demand from older homeowners wishing to access the equity stored up in property for a range of uses.

“Mortgage advisers are seeing more clients who might fit the later life lending bill, and this new referral arrangement has been set up to allow Paradigm member firms more choice when introducing their clients to specialists in the equity release field, in order to explore whether such options are suitable and relevant.

“This is all about securing the best customer outcomes for clients and giving those advisers who do not have the authorisation or qualifications, to work in the equity release space, with access to those that do. We have been hugely impressed with the way HUB work and we have no hesitation in recommending this new referral partner to our Paradigm firms.”

HUB managing director, Simon Gray, added: “We are delighted that Paradigm has chosen us as an equity release referral partner. Our service is designed to complement their members’ propositions, enabling those who don’t have equity release as part of their core advice offering to still support their clients.

“Those members can be confident their clients will receive good advice, that steps through a wide range of considerations before providing a personalised recommendation bespoke to the client’s needs and individual risks.”

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