Equity release growth leads to 200 new jobs
Age Partnership acts to meet demand
RETIREMENT SPECIALIST Age Partnership is set to add 200 new jobs over the next year as more and more people look to unlock equity in retirement.
The Leeds-based firm, which currently has over 500 employees, is aiming to double its flagship office space to 35,000 sq ft.
Andrew Thirkill, executive chairman of Age Partnership, told The Yorkshire Post that Britain’s ageing demographic was a factor in boosting the firm’s performance.
He said: “Far more people are considering a lifetime mortgage/ equity release as a means of funding their retirement.
“It was a £3bn market in 2017 and in 2012 it was a £1.2bn market. There’s been some significant growth in the market place. We’ve been making sure that we’re keeping up with the growth that has been taking place.”
Age Partnership has also been expanding its suite of products and services, a factor which is also driving the company’s expansion, according to Mr Thirkill.
Mr Thirkill said: “We’ve been expanding our products and services so we’re offering insurance, we’re offering wills, we’re offering lasting powers of attorneys, we’re offering funeral plans.
“Our suite of products, that we can advise on, is growing and that’s why we need the extra personnel – to help facilitate that growth.”
Over 55s are using equity release on their homes to fund a number of things in retirement, says Mr Thirkill, from paying off credit card debt to making home improvements.
He added: “Lifetime mortgages have become more flexible. Historically, you’d have to draw down a lump sump but nowadays you’re allowed to draw down the money as you need and only pay interest on the money that you’ve borrowed.
“It’s a far more economical way of funding your retirement. There’s a lot of money tied up in it. The latest number we have from the Government statistics office is £1.6 trillion of equity in UK homes.
“We’re really only just scratching the surface. I do see continued growth in the sector without a doubt.”
An increasing number of retirees are using equity funds to help younger family members on to the property ladder.
Mr Thirkill said: “For younger people looking to get on the housing ladder it’s not that easy to raise a deposit. Parents or grandparents are able to release money to enable their family to get on the housing ladder.”
This is a trend that has been steadily increasing over the last five years, says the executive chairman of Age Partnership.
The Leeds-based firm will be adding mortgage advisers, equity release advisers and bulking up its administration teams.
“We’re also putting more people out on the road in a face to face capacity,” Mr Thirkill said. “Although most of the jobs are based at the head office in Leeds, a number of the jobs will be nationwide. We’re looking for personnel in Scotland, London and the South East.”
The company, which has just broken the £50m turnover mark, will be training staff through its own academy.
Mr Thirkill said: “It helps us get new talent in. Because the life mortgage industry is growing there aren’t enough advisers. We’ve got to create advisers. We need to bring people in who can go through our academy.”
Age Partnership puts staff through its academy and also pays for candidates to sit exams so that they can become fully qualified and compliant advisers in 12 months.
This has helped the firm deliver good customer service, says the executive chairman of Age Partnership.
Mr Thirkill said: “We really do put the customer first and that’s important to us.
“Taking people and putting them through the academy allows us to ensure that people have the standards that we want to operate to.”
Beyond the current expansion plan, Mr Thirkill sees potential for further growth. He insists that the 200 extra jobs is simply a medium term goal for the business.
Mr Thirkill said: “The company is going through some rapid growth, which is positive for Leeds and Yorkshire.
“We plan to continue to stay in Leeds and grow in Leeds.”