I was fortunate enough to be involved in 2 panel discussions at this year’s summit. One discussing technology and sourcing platforms, the other discussing how we build a customer-focused Later Life Lending market. In both I hoped to bring the adviser perspective. Here’s a brief summary of the views I expressed on the day.
The fact that the 2025 summit was called the Later Life Lending Summit, a change from the Equity Release Summit of previous years, speaks volumes. The mortgage options available to older homeowners have expanded over the last few years. It is no longer just about equity release, although that remains an important part of our market. Today, we have RIOs, TIOs, hybrids, and normal mortgages without age limits. We need to embrace all these options and more to ensure every consumer has a clear sight and makes well informed decisions.
On the technology front, we need all Later Life Lending providers to step up. It is difficult for advisers to have a clear view of all the product options currently available. To do the job properly, we are having to research from 2 or 3 different platforms. It may seem a step too far to ask for everything in one place, but I ask that we make that the end goal. In the meantime, we need providers to engage with the tech providers earlier and more regularly during product development, so sourcing is quicker, clearer and easier for advisers.
On the subject of building a customer-focused market, I believe the answer lies in educating professional people outside of the Later Life Lending arena. We all need to make an effort to educate, inform and update those who advise consumers but are outside of our market. This includes mortgage brokers, financial advisers, wealth managers, Solicitors, and Accountants. It is these trusted professionals that consumers will turn to in the first instance, so if we can change their perception, explain to them how much and how quickly our market has evolved, and what it can now do for customers, we will build a better market.
