The future of later life lending is poised for transformation, according to speakers at the Mortgage Business Expo London 2025 panel discussion, Later Life Lending: Innovation and What Does the Future Hold?
Dave Harris, group director at Key Group, predicted that the Financial Conduct Authority’s (FCA’s) recent discussion paper would be a catalyst for change across the market.
“The silos that exist are quite quickly going to disappear,” he said, noting that regulators, mainstream lenders and mortgage networks are aligned in wanting “everyone in this market, starting with the consumer, to get a better deal.”
Tom Brett, business and project manager at the Equity Release Council, described later life lending as one of the most innovative areas of the mortgage market, crediting the 2022 economic downturn as a “breeding ground for innovation.” The sector is now seeing a growing range of products beyond traditional equity release, including interest-only, retirement interest-only (RIO), and hybrid lifetime mortgage products.
Jess Trueman, head of business development at Smart Money People, said technology will play a pivotal role in improving the speed and efficiency of advice. She highlighted the potential for artificial intelligence (AI) to streamline information sharing and help advisers better understand client needs, particularly around vulnerability. “Everyone has a different system with different requirements,” she said, calling for an overhaul of lender and network systems to make processes more joined-up.
From a legal perspective, Rachel Brandon, director at Boyd Legal, stressed the importance of solicitors in ensuring robust consumer protection.
She said: “From a legal perspective […] we are held to such a high standard.”
The role of the solicitor in the later life market, in her view, is to help support potentially vulnerable clients and “make sure the policing is in place to insure the right outcome for the customer.”
Rounding off the discussion, Sanjay Gadhia, regional sales director at Mortgage Advice Bureau, urged advisers to upskill and engage more deeply with the later life market. “We are an ageing population. This is not going to go away,” he said. “Educate yourselves and explore the options out there.”
