The agreement allows Paradigm member firms, who do not advise on equity release as a core part of their offering, to refer those clients to HUB Financial Services.
As part of the referral arrangement, member firms will secure support for a wider range of clients, using a referral system and process by web or phone, with regular updates on the progress of each case.
As well as this, members will be able to attend client appointments if they wish, get an introducer fee of 1.75% of the amount released on each completed case, with a minimum of £750 and a no cross-selling guarantee.
Richard Howes, director of mortgages at Paradigm Mortgage Services, said: “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.”
Simon Gray, managing director at HUB Financial Services, added: “We are delighted that Paradigm Mortgage Services 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.”
