Mortgage Advice Bureau(Holdings)PLC Launch of Mortgage Advice Bureau Later Life
15 Septembre 2020 - 8:00AM
RNS Non-Regulatory
TIDMMAB1
Mortgage Advice Bureau(Holdings)PLC
15 September 2020
15 September 2020
Mortgage Advice Bureau (Holdings) plc
("MAB" or the "Group")
Launch of Mortgage Advice Bureau Later Life
Mortgage Advice Bureau (Holdings) plc (AIM: MAB1.L) is pleased
to announce the launch of "Mortgage Advice Bureau Later Life" (or
"MAB Later Life"), a new and exclusive strategic alliance with Key
Group. This new alliance enables MAB to enter a specialist and
growing market with a leading proposition both to advisers and to
customers.
Key Group is a leading integrated later life lending business
covering product manufacturing, advice and intermediary services
including product sourcing tools, compliance and training. Key
Group was formed over 21 years ago and has helped over-55s release
more than GBP5 billion of equity from their properties by taking a
holistic view of their personal circumstances to achieve the best
outcome for them. Key Group will provide its market leading
infrastructure and regulatory umbrella to MAB Later Life.
MAB Later Life comprises a panel of four lenders including
more2Life (Key Group's lifetime mortgage lender). All lenders are
members of the Equity Release Council ("ERC") and all products meet
the ERC's standards.
The first phase of the strategic alliance involved the
distribution of later life mortgage products through a small pilot
group of existing specialist MAB advisers, all working under the
MAB Later Life brand. MAB is now extending this new opportunity to
firms currently outside of the Group that are looking for a best in
class proposition to capitalise on their specialism in this
sector.
This strategic alliance broadens MAB's addressable market in an
important growth segment which is highly intermediated. Customers
need comprehensive financial advice more than ever at this
important point in their lives and advisers want to provide
customers with a range of considerations and choices. This includes
options to release equity in order to supplement often inadequate
pension provision or provide inter-generational assistance to
family members. It is estimated that the total value of secured and
unsecured debt for over-55s will rise, from about GBP211 billion in
2020 to GBP300 billion in 2030(1) . It is also estimated that the
housing wealth of the over-55s is worth GBP2.5 trillion(2) .
Commenting on the new launch, 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."
(1) Centre for Economics and Business Research and more2life,
2020
(2) Swiss Re Term and Health Watch 2017
For further information please contact:
Mortgage Advice Bureau (Holdings) plc Tel: +44 (0) 1332 525007
Peter Brodnicki - Chief Executive Officer
Ben Thompson - Deputy Chief Executive Officer
Lucy Tilley - Chief Financial Officer
Numis Securities Limited (NOMAD and Broker) Tel: +44 (0)20 7260 1000
Stephen Westgate / Hugo Rubinstein (Corporate
Finance)
Media Enquiries:
investorrelations@mab.org.uk
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END
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