3.03 USAGE
The coronavirus outbreak brought the mainstream mortgage market to a temporary halt and the later life lending market was equally affected. Products were withdrawn, criteria was tightened and surveys were postponed.
Covid-19 has led to changes in the strategies of the later life lending platform providers. Advise Wise accelerated the release of its educational and supportive content for advisers, including the run of virtual events.
Meanwhile, Air Sourcing provided updates and lender reference tables, as well as issuing labelling on products displayed that were impacted by Covid restrictions.
Figure 3.02: Number of registered users
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According to the data, all of Advise Wise’s registered users actually used the system during the 12-month period in question, while this was the case for little over one-quarter of Air Sourcing’s registered users. However, they still amounted for almost three times that of Advise Wise.
Figure 3.03: Number of registered users who used the system in the 12 months ending 30/09/20
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Regarding any specific agreements with networks and mortgage clubs, Air Sourcing supplied information on those who have “fully endorsed” the system and also have a white label version of Air Sourcing. It has also white-labelled for a number of large national specialist adviser firms.
Advise Wise does not have any arrangements with distributors at present.
Figure 3.04: Networks and mortgage clubs with a distribution arrangement
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Air Sourcing produced 10 times the number of searches over the 12-month period surveyed. This is unsurprising considering the fact that Advise Wise is a relatively new platform.
Figure 3.05: Number of searches performed in the 12 months ending 30 September 2020
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This data was collated in January 2021. Trek Publishing Limited accepts no liability for loss or damage to material submitted for publication.
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