A panel at today’s Later Life Lending Summit called for a policy rethink on how both the Government and wider equity release industry can support older borrowers.
Chaired by Chris Pond, chair of the Financial Inclusion Commission, the Unlocking Potential: Government Policy for Later Life Lending panel brought together key voices from the industry – including Jackie Spencer of the Money and Pensions Service, James Daley of Fairer Finance, and John Godfrey of TheCityUK.
The panel highlighted the need for more coordinated action, better consumer engagement, and a ‘rebrand’ of the retirement housing conversation.
Godfrey opened a lively discussion by suggesting a fundamental shift in language around older homeowners moving house.
Suggesting a rebrand of the term ‘downsizing’ to the more apt ‘rightsizing’, Godfrey said this consideration could make for a “more palatable and marketable proposition.”
He also called for the sector to do more to address the “practicalities of moving” in later life if it hopes to encourage mobility.
Spencer reinforced the need for systemic collaboration across the industry, calling for a “collective ecosystem” that integrates pensions, mortgages, and broader financial planning.
She said: “We need to start to work on a system with touchpoints all along the retirement journey.”
She argued that such an approach could empower people to become “active consumers that engage in the market.”
With the number of people taking mortgages into retirement increasing, Spencer also highlighted the importance of ensuring that support structures are in place before individuals reach later life stages.
Daley reiterated calls for a Stamp Duty reduction to incentivise older movers.
Such a move, he argued, would help “remove barriers and incentivise downsizing,” freeing up family homes and increasing movement down the housing ladder.
He also echoed the panel’s call for better integration of financial advice earlier in life, urging the industry to invest in adviser training and early engagement strategies.
He said: “We don’t have enough touchpoints where customers can consider their retirement finances.
“If we just make the information available to them and wait for them to access it, it is too late.”
