Introduction
Recent rising demand for mortgage products that suit the needs of older borrowers, has meant the industry has been forced to innovate.
There is now a raft of options for borrowers who may have retired and be well into their later years.
Of course, these types of products are not suitable for all older clients. So advisers will need to help clients weigh up the suitability and risks of having to make mortgage repayments well into old age.
As Damian Thompson, director of mortgages at Aldermore points out: "Age along should not be a barrier to lending in later life."
He says: "This means specialist lenders are important to this sector as they can provide a more in-depth, personal approach that allows time to assess ability to lend, considering individual customer needs."
For many, this type of financial product will require specialist advice, so advisers may well need to consider how they deal with these types of enquiries in future.
The features in this guide will consider what type of mortgage products are available to older borrowers and what has been behind the growth in later life mortgage lending.
The guide will also cover what role advisers can play in meeting the needs of older mortgage clients, as well as what both advisers and their clients need to be aware of when it comes to suitability and risk.
This guide is worth an indicative 60 minutes of CPD.
Contributors to this guide: Malcolm Wallace, director of Parsonage Financial Planning; David Hollingworth, associate director, communications at L&C Mortgages; Paul Tilley, chief executive of esbs; Chris Buchanan, product and oversight director at Legal & General Home Finance; Damian Thompson, director of mortgages at Aldermore; Steve Paterson, director of Teeside Money; Stuart Wilson, corporate marketing director at more2life; Emma Walker, chief marketing officer at Lifesearch; Rob Harvey, head of protection advice at Drewberry; Zane Groves, principal at Lightblue Online; The Equity Release Council; Office for National Statistics; more2life.
Ellie Duncan is features editor of FTAdviser and Financial Adviser, and Saloni Sardana is a features writer at FTAdviser and Financial Adviser
