In a video panel debate, Darren Deacon, head of intermediary sales at Family Building Society said: “Later life lending is an underserved sector. [But] the awareness is growing. It is a growing sector, we have an aging population and the opportunities are there.”
Fellow panelist Richard Merrett, director strategic relationships at SimplyBiz Mortgages, agreed, noting that “the later life market can help those with reduced income”.
He also said that it could help borrowers “green their home and make them more energy efficient [as well as] supporting families and [first-time buyers] by giving assistance with deposits”.
Greg Cunnington, chief operating officer of LDN Finance, was also keen to promote the opportunities within the space but highlighted the fact that more needed to be done to publicise the benefits of later life lending.
He said: “The sector needs to go full Tony Blair… education, education, education. The products are sophisticated with something for everyone but there is still something of a stigma around the sector.”
This is the first in a series of four videos on the later life and buy-to-let markets, featuring Darren Deacon, head of intermediary sales at Family Building Society, Richard Merrett, director strategic relationships at SimplyBiz Mortgages, Greg Cunnington, chief operating officer of LDN Finance and host Nick Cheek, managing editor of Mortgage Solutions.
Watch out for the next three episodes in the series, out over the next two weeks on Mortgage Solutions.
