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Broker offers 50% fee share for equity release referrals

Equity-release broker Home & Capital Advisers has set up a referral service that pays introducers 50 per cent of the procuration fee for every case.

The firm believes this is a good revenue opportunity for brokers whose business has been hit by the depression in the mainstream mortgage market but who do not have the qualifications to advise on equity release themselves.

The broker retains client ownership while Home & Capital Advisers takes on all the advice risk.

Home & Capital Advisers offers whole of market advice on lifetime mortgages but is a tied introducer to Home & Capital Trust for home-reversion products, which it says represent around 6 per cent of the equity-release market.

Home & Capital Advisers managing director Nigel Hare-Scott says: “Brokers who deal with customers over the age of 55 – and that is most of them – should be in a position to advise on equity-release products, both lifetime mortgages and home-reversion plans. We provide a tailored referral service to intermediaries to enable them to support this important and growing market.”

Equity-release specialist broker Key Retirement Solutions business development director Dean Mirfin says: “Brokers need to choose their referral partners very carefully to ensure that they can handle the additional business.

“We pay 40 per cent of the procuration fee to introducers but with many providers we receive higher commission and exclusive deals that are not available elsewhere. We also offer marketing support to introducers.”

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