Air, the market leading later life lending platform, is supporting Linear Financial Solutions, part of the Primis Mortgage Network, as it launches into the equity release market.
Linear will offer an equity release referral desk to support more brokers with this specialist area of advice and provide them a wider breadth of products and services. Air is supporting Linear with training for its equity release advisers
The expansion into later life lending by Linear adds to growing momentum across the sector. It highlights how mainstream mortgage brokers are increasingly prioritising specialist advice when it comes to later life lending.
UK Finance data shows the total value of loans across the later life lending sector increased by 20.5% in the fourth quarter of last year on the previous quarter to £6.8 billion. That included around 5,700 new lifetime mortgages advanced with a total value of £510 million and around 388 retirement interest only mortgages, with a total value of £36 million during the period.
Will Hale, CEO of Air, said: “Linear’s commitment to the highest standards of service and good customer outcomes makes them an ideal referral partner for firms across the Primis Network. A growing number of mortgage advisers recognise the need to consider all later life lending options for all customers over the age of 55. We will support Linear as they grow their business and provide advisers with opportunities for growth too, in what is an expanding later life lending market.
“The sector represents a massive opportunity for advisers and is set to grow exponentially in the years ahead, making it an essential part of mainstream mortgage adviser businesses as they look to invest in and develop what they can offer to customers.
“At Air, our goal is to equip advisers with the insight and tools they need to establish productive referral relationships where appropriate and to deliver confident, client centred advice in a fast-moving environment.”
Jim Boyd, CEO, Equity Release Council said: “This is a clear sign of how later life lending is becoming a more established part of mainstream mortgage advice. As more customers approach retirement with existing mortgage debt and wealth across both pensions and property, advisers need to take a more holistic approach and ensure all options are considered – including modern lifetime mortgages.”
Matt Surridge, Director at Linear Financial Solutions said: “Offering customers choice is a priority for our business. We are seeing strong demand from older borrowers to consider all their options when remortgaging and Air’s support has been crucial for us in developing our equity release referral desk, as we relaunch into a market which requires specialist advice.
Older borrowers often have specific needs that may not be best served by traditional mortgage solutions. It’s vital that all mainstream mortgage advisers engage proactively with customers over 55 to offer specific later life lending advice; the message is clear - advise or refer but don’t ignore.”
Air’s recent report ‘The home belongs in the plan – Why later life lending is essential for client centred advice’ in partnership with Tony Wickenden of Technical Connection and Phillip Wickenden, CEO of Ad Lucem reinforces the case for offering later life lending advice.
It outlines how the costs for adviser businesses of launching into later life lending are estimated at around £21,700 for qualifications, training, compliance, and marketing requiring just eight cases a year to break even. It is available to download at: https://homeintheplan.airlaterlife.co.uk/
As part of its commitment to helping advisers with training and support Air is running a series of webinars, which include targeted sessions for IFAs, residential mortgage and wealth advisers as well as later life lending specialists. Advisers can sign up at https://airlaterlife.co.uk/events?category=Air%20Whitepaper
Its services include training on setting up referral pathways and business development as well as support on qualifications.
