The referral partnership will see Newcastle pass on all later life lending enquiries to Key’s whole of market advisory brand, The Equity Release Experts (TERE), which will provide advice as part of the exclusive collaboration.

Newcastle said it was committed to supporting its customers with all their later life lending needs and the advice offered by TERE woud complement the offering already provided by the Society’s advisers on other products aimed at this market.

Jason Ruse, business development director at Key Group, said: “Newcastle Building Society is the largest Building Society in the North East and we are delighted to be in a position to support their desire to provide their customers with more options for their later life lending requirements.

“With a wide range of mortgage products suitable to all age groups, the Society was keen to work with Key Group so we can help support those borrowers who might find that equity release is the most appropriate product for their needs. We look forward to working closely with the team.”

Meanwhile, Stuart Miller, customer director at Newcastle Building Society, said the partnership with Key Group provided another way for it to increase the options open to customers and help to provide them with the right outcomes at the right time.

“We know through our conversations with members that circumstances can change and I’m confident this agreement means our later life customers will benefit from Key Group’s expert independent advice when they need it,” he added.