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Later-life lending must build on growing market

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  • 29/03/2017
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Later-life lending must build on growing market
Greater awareness of later-life lending and helping the intermediary and mainstream markets work together are two main issues raised by later-life sector members.

The subjects were key areas discussed at the Hodge Lifetime Later Life Key Account Conference which sought to bring together views from around the growing sector.

Debate centred on how customers can be made more aware of later-life lending options, particularly those facing interest only maturity.

Speakers including Association of Mortgage Intermediaries (AMI) CEO Robert Sinclair, Age Partnership adviser John Malone and Hodge senior management also considered how the mainstream and intermediary markets could better work together to serve these customers with quality advice.

And product innovation was discussed at length, alongside how larger lenders and external funders may look at this sector to provide more choice to customers in the future.

 

Growing strongly

The inaugural Hodge conference came shortly after results were released from the Equity Release Council which showed the sector broke the £2bn barrier for the first time in 2016 as it was the fastest growing part of the mortgage market.

Hodge Lifetime business development director Steve Cox (pictured) said: “Given the dynamics of an ageing population, people working later in life and of course the evolving issue of interest only maturities, it is certain the later life lending sector, whether mainstream or equity release, will grow for many years to come.

“By holding this event and debating the key issues, we hoped to bring the markets closer together which ultimately will serve to provide better outcomes for customers via all intermediary channels,” he added.

 

Fusing markets

Paradigm Mortgage Services head John Coffield welcomed the event and discussions which he said: “try and fuse the equity release and mainstream markets closer together, which can only be a good thing for customers and brokers”.

“The discussions and options around later life lending need to continue,” he added.

Equity Release Supermarket head of business partner channels Gary Webster said the debate provided a well-balanced strategic level overview of the market and noted the lender’s desire to work with brokers.

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