The firm introduced the use of the Navigator tool, developed by Air.
The platform includes an affordability assessment and allows advisers to input client preferences and circumstances to source potentially suitable products.
It compares the cost of borrowing between lifetime mortgages with repayment and no-repayment options, along with capital and interest and retirement interest-only (RIO) mortgages.
It also produces an audit that can be used for the referral process. Key said the tool could help advisers to identify which clients would be suitable for referral to a later life mortgage adviser.
Chris Bibby, managing director at Key, said: “The later life lending market is at the tipping point of substantial change following the combination of Consumer Duty implementation and the rapid evolution of new types of lifetime mortgages. It is more important than ever that mainstream mortgage brokers are aware of the full range of lending options available to over-50s who are looking to borrow into retirement and are ready to have those conversations with customers or refer them to someone who can.”
“Mortgage brokers advising over-50s borrowers need to offer customers the full range of options and establish preferences, whether it is a lifetime mortgage offering, repayment options, RIOs or standard residential mortgages. Being able to evidence this broad field of vision irrespective of the scope of your advice proposition is an essential part of Consumer Duty.”
He added: “For those that want to advise on the full range of later life mortgage products, there is plenty of support from lenders or the likes of Air to help with qualifications, product training, sourcing and other tools.
“However, for others, the support of a trusted referral partner can be the best route to achieve good outcomes for all customers in a commercially optimal way. Whichever model advisers choose the later life market is one that cannot be ignored.”
