3.04 COVERAGE
Both later life lending sourcing systems describe their systems as being whole of market. In Air Sourcing’s case, for instance, it covers 12 lifetime mortgage providers (including three providers offering limited distribution products) and two home reversion plan providers.
In contrast, it has a panel offering of 20 lenders for Retirement Interest Only (RIO) mortgages; Advise Wise does not currently feature RIOs.
Figure 3.06: Does the provider describe the system as being “whole of market”?
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Air Sourcing had 26% more products available to be sourced during the 12-month period. This could be explained in part by the fact that Advise Wise does not currently source RIO mortgages.
In addition, last year’s survey found that Air Sourcing had 393 products on its system during the previous 12-month period. This shows both how it has dramatically increased its coverage of an expanding market and how Advise Wise has managed to cover a large number of products since its inception in November 2019.
Figure 3.07: Number of products on the system as of 30 September 2020
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Air Sourcing has more than three times the number of life life product providers on its system than Advise Wise. This is largely explained by the fact that it has 20 RIO lenders, an area which Advise Wise does not currently cover.
Figure 3.08: Number of product providers on the system as of 30 September 2020
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Advise Wise has focused on offering a lifetime mortgage sourcing platform, while Air Sourcing in addition covers home reversion plans and RIO mortgages.
Air Sourcing also offers ancillary products relevant to the late life market, such as wills and Power of Attorney instructions.
Figure 3.09: Product areas a user can access
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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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