The division will be launched with Krystle Ward, Natalie Hall, Sue Hems and Manjit Kaur (pictured left to right).
The Mortgage Mum’s managing director Sarah Tucker said that it was an “area of the market we always intended on branching into”.
She continued: “We think the female touch will work really well in this space, with an extra layer of ‘Mortgage Mum education’ wrapped around it. We intend on using the same model we’ve used to grow our main Mortgage Mum brand, and to really focus on the value we can offer.”
Tucker said that there was a still a lot of consumer misunderstanding around equity release and later life lending and that “existing barriers that need to be broken down”.
“We feel passionate about overcoming some of the obstacles found in this industry by creating a safe, inclusive space that involves the wider family too; and we’ll be providing a complete trail to avoid any future disputes,” she added.
Tucker said that it was working closely with a few London-based private client solicitors “to really ensure we service these clients in the best way, and to learn from their success”.
She said that the service needs to “encompass extra empathy, care, and compassion; with a personal touch that still needs that human element to it” and that the firm “needed to create a different client journey for this area of the market”.
Later life lending: A growing market
Tucker said that while the later life lending market was smaller than the wider mortgage market at £4bn compared to £300bn, it was predicted to grow.
She continued: “The main opportunity is that it is very clear that this sector of the market is set to increase. More people will need to access their equity later in life, due to longer life expectancy and the rising cost of living.
“People need alternative, creative solutions to their financial concerns. I also see a huge opportunity to expand the mindset of those who previously would never consider this an option due to the horror stories of the past, and the lack of education.”
Tucker said that the sector had evolved a lot over the past few years and there was “more innovation to come”.
“The challenges will be in truly allowing future clients to trust in this as an option, and that’s why the client journey will need to be entirely different.
“This is also about dealing with clientele who are not on social media, and who may be uncomfortable with modern ways of working, meaning we’ve needed to create a journey that is innovative but practical and comfortable for our clients, allowing them to lean into the process and feel safe while doing so.”
