Rate is the most important factor cited by advisers when recommending a later life product, according to a brand new report on the sector from BestAdvice.
When advisers were asked about the most important factors when making a later life lending recommendation, product was king, accounting for the top three reasons: rate, criteria, flexibility.
At 32%, rate is the most important single factor, with criteria at 22% and flexibility – a product feature promoted by a number of later life lenders – at 13%.
The 72-page Later Life Lending report is designed to bring clarity to the sector, to deepen understanding of the propositions available, and help advisers understand which providers operate in which market segments, where their sweet spots are and how their propositions differ.
Meanwhile, while 82% of advisers feel the current later life legal requirements are “about right”, marketing is the biggest single impediment to advisers writing more later life business. 24% of advisers cited marketing, with time, regulation, consumer understanding and ‘other’ all reaching double figures.
Kevin Rose, editor of BestAdvice, and author of the report, said: “Our report provides mortgage advisers who write very little or no later life business with a clear picture of the sector; providers, products and features are covered in detail.
“The later life market is growing and all predictions are that this is set to continue. Intermediaries are therefore well advised to explore the opportunities more thoroughly, and this report will help them do so.”
To download a free copy of the report, please click here.