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|The Right Mortgage Network Targets Later Life Lending with specialist Workshop and accreditation|
|Thursday, 16 February 2017|
According to the Office for National Statistics, the number of people aged 75 and over is projected to rise by 89.3%, to 9.9 million, by mid-2039, yet, worryingly, the current range of mortgages on offer do not meet the needs of over-55s. With many clients too young for equity release and high-street lenders often saying no to lending into retirement, the needs of the older consumer are not being met within the mortgage industry.
The Right Mortgage Network recognises that age discrimination is unacceptable in today’s market and that later life lending is a specific area of expertise. They are committed to training their members to provide for the needs of the client; bridging the gap between traditional mortgages and equity release products. At the forefront of specialist lending, The Right Mortgage have created a panel of lenders including Hodge, The Family BS, Chorley and Ipswich.
Martin Wilson, CEO of The Right Mortgage, said: “We believe this market to be a slightly higher risk, with more vulnerable clients who have unusual lending requirements. We decided to invest in this market by providing specialist training and accreditation for our advisers to meet the needs and demands of these consumers.”
The Network held its first Later Life Lending Workshop on Thursday 9th February 2017 in Knowle, Solihull where a number of market leading lenders such as Chorley and Ipswich offered training on products that lend into retirement and other speakers including topics such as LPAs, Wills, funeral plans and the launch of The Right Solicitors legal services.
Andrew Sadler, BDM for Ipswich Building Society, added: “It’s nice to see a network putting an event like this together. It’s a great opportunity for the advisers and obviously, it’s fantastic news for their clients as they can take those clients where they before thought they couldn’t help, but now they are able to find a solution.”
The Right Mortgage have paired up with The Right Will and Estate Planning to give a holistic view of the market and to ensure their advisers have met the demands and needs of the older borrower. The event had a fantastic turnout of over 40 advisers and giving them an accreditation to enable them to sell such products.
Matthew Graves, of Regal Finance Group, an adviser who attended the event, said: ‘’The Later Life Lending Event was very informative. It was good to be able to discuss these areas with some of the more niche lenders in the market place. This always adds value to the advice we give, and allows us to offer a more rounded proposition. It is a growing area, and it is great that we have access to these events to ensure advisers don’t become solely reliant on a sourcing system, that often cannot assist on those more complex or grey areas.’’
Adam Stretton, MD of the Network, added: “As a specialist area it is imperative that our advisers attend this workshop before they are able to sell such products. The course ensured our advisers have all of the necessary skills to be able to tackle such a complex area of the market competently.”
The Right Mortgage will give accreditations to all those that have attended the later life course to ensure they understand the higher risk and vulnerability of the unusual lending criteria. Julie Goodwin, National Account Manager for Chorley Building Society, who was in attendance at the event said: “It was a great event to be a part of. We got the opportunity to discuss with the advisers how they can competently advise clients who are that bit older and find them the products that they wouldn’t ordinarily be able to.”
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