Awareness of product innovation in the later life lending market is growing, according to a recent study by Air, the later life lending platform.
The study found that over 80% of advisers were aware of new products like higher loan-to-values (LTVs) and flexible payment options.
Nearly half of those surveyed were very aware of these products, including term interest-only and payment term lifetime mortgages.
However, 73% said they have yet to recommend these products to clients, highlighting a need for more support.
The research also revealed that only 44% of advisers felt very confident in advising across the full range of later life lending products.
Air has encouraged advisers to utilise technology and research tools like Air’s Navigator and Livemore’s Mortgage Matcher.
Will Hale, CEO at Air, said: “Product innovation, not only in the lifetime mortgage sector but also in terms of Retirement Interest Only mortgages, Term Interest Only mortgages and long-term fixed rate products, has created a complex landscape for mainstream mortgage advisers and later life lending specialists alike.
“Help is on hand through the sourcing and research tools available and with the professional development resources and support provided by lenders and through networks and mortgage clubs.”
Hale added: “Creating better outcomes for customers requires advisers across the market to engage with these services and also to put in place referral arrangements with trusted specialists if they do not want to expand their proposition but still be able to ensure that all options are offered to clients.”
