Mortgage advisers are failing the over-50s regarding later life lending advice by not making them aware of all their options, according to an equity release advice firm.
Key Advice warned the onus is on advisers to engage more proactively with their older customers and properly research the wider range of options in the later life lending market.
By failing to do so, the firm’s CEO Will Hale (pictured) said advisers are missing out on the opportunity to grow their businesses and risk falling short of their obligations to borrowers under the Consumer Duty regulations.
Bank of England figures show that more than two out of five mortgages now run past retirement age, which Key Advice said highlights the need for a new approach from mortgage advisers. Yet, the firm said too many advisers are ignoring options for customers in the later life lending market.
Hale said: “All advisers have an obligation to consider all later life lending options for over-50s customers under Consumer Duty, but too few are doing that and therefore failing their customers.
“Too many focus on their own area of expertise and do not think more widely.

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“There is a huge opportunity for mortgage advisers to grow their businesses and improve their customers’ lives by focusing more on this sector and ensuring they stay abreast of all the product innovation taking place.
“Technology can help, with tools such as Air’s Navigator or LiveMore’s Mortgage Matcher offering efficient ways of comparing products and supporting advisers in evidencing the consideration of all options.”