It has launched MAB Later Life, which is made up of a panel of four lenders – including Key’s lifetime mortgage lender more2life.
All are members of the Equity Release Council (ERC) which means the products meet the industry body’s standards.
The strategic alliance between the two firms is already underway, with distribution of later life products taking place through a small pilot group of existing MAB advisers who have been working under the MAB Later Life brand.
MAB is now extending this new opportunity to firms currently outside of the group which are looking for a best in class proposition to capitalise on their specialism in this sector.
Ben Thompson, MAB’s Deputy CEO, said: “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.
“Those over the age of 55 today typically have large amounts of potentially untapped wealth that if released could transform their retirement.
“Providing the right advice to customers has always been a cornerstone of MAB, and we are delighted to partner with Key Group to provide customers with help, reassurance, and advice on an important lifetime decision.”
Meanwhile, Will Hale, CEO of Key and executive board sponsor of the MAB Later Life project at Key Group, said: “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 that we have developed over 21 years.”
He added: “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.”
