This will be open to advisers within the network who meet the criteria and give them the title of Later Life Lending Accredited Advisers (LLLAA).
It will signify that they offer holistic advice to borrowers and are able to find solutions across the whole mortgage market, including lifetime mortgages, payment term lifetime mortgages, retirement interest-only (RIO) mortgages and mainstream mortgages.
The Right Mortgage and Protection Network said this accreditation would also apply to advisers conducting business to a “high quality standard” and would need to meet a standard set by the network with over 80% file grading throughout their cases.
Their LLLAA status will be reviewed annually and will be based on the adviser’s involvement in the initiative, such as attending relevant events and building on their education.
The Right Mortgage has accredited the first round of advisers this week and those who achieve the status will be showcased in a members’ directory on the adviser website.
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The network is also hosting a launch event in partnership with Air Group with a celebratory launch dinner for those awarded the status, on 1 October.
The Right Mortgage and Protection Network currently has over 110 advisers within member firms who offer later life lending advice.
Giving accredited later life advisers an ‘edge’
Victoria Clark, head of equity release at The Right Mortgage and Protection Network, said: “We believe individuals who meet the standards required to become a Later Life Lending Accredited Adviser are going to have a real edge in terms of securing new clients and being a destination for referrals from those advisers and firms who currently do not offer advice in this growing sector.
“The LLLAA scheme has been designed to showcase the excellent work of these individuals, to highlight the quality of their advice outcomes, and to show the real depth and breadth of the product offering they have access to, and are recommending.”
She added: “As we know, the later life lending market is now far more than just lifetime mortgages, and with new products arriving regularly for this borrower demographic, it is absolutely vital in our Consumer Duty world that advisers are able to cover all available options.
“The LLLAA scheme, and attaining this status, will therefore be something to highlight to both clients and the wider market, and we are very pleased to be partnered with Air not just to launch this but to ensure advisers have access to everything they need to be successful in this sector.
“We anticipate granting LLLAA status to more and more advisers within the network and are looking forward to engaging with our later life advisers to help them grow their propositions.”
Paul Glynn, CEO of Air, added: “Undoubtedly, more and more borrowers are either taking mortgage debt into later life, or have a specific need for loans at a later age, and it’s highly important advisers make the most of this opportunity so they can service this client base with confidence and with excellence.
“Part of the focus for all advisers should be on how they are able to offer the widest range of later life lending product solutions to their clients, because we know there are a growing number of options available.
“We launched our ‘Comprehensive Conversations’ campaign to highlight this very need and as signatories of our manifesto, The Right Mortgage are committing to ensuring advisers within their member firms are working to the highest of standards and committed to ensuring all options are on the table for later life borrowers.
“Air is proud to be working with The Right Mortgage on this adviser accreditation initiative as we believe it will highlight the very best advisers active in this space. We’re also committed to offering all advisers access to a range of tools, services, training and resources [that] will allow them to meet the same high standards, and would urge established players and those considering their involvement to contact us to see what we have to offer.”
