CHAPTER 3: SOURCING SYSTEMS – LATER LIFE
3.01 THE CURRENT MARKET
The later life lending market in the UK – up until the onset of the coronavirus pandemic – has consistentlybecome more popular and competitive each year, especially over the past decade.The reasons why are not surprising. The landscape in the UK is one of reduced DB pensions, a lower state pension and increased longevity. Older homeowners are seeing an average shortfall of thousands of pounds between the annual retirement income they expect to need and the amount they are likely to receive. At the same time, the total value of all homes in the UK is estimated to total over £7 trillion.
Property wealth is therefore continuing to play a role in helping meet the range of needs of the UK’s ageing population.The data shows that while later life lending remains a small part of the overall mortgage sector, an increasing number of advisers are getting involved in it, and, before the Covid-19 crisis struck, a growing number were planning to start advising on it.
More detailed information about the later life market can be found in the BestAdvice Intelligence Later Life Lending Report, published in 2020.
Two providers of later life lending sourcing systems, Air Sourcing and Advise Wise, contributed to this report.
This data was collated in January 2021. Trek Publishing Limited accepts no liability for loss or damage to material submitted for publication.
© 2021 Trek Publishing Limited. All rights reserved.
No part of this report may be reproduced in any form without written permission of the publisher.
