Vital to adopt a more joined up approach to delivering advice to older borrowers
New research undertaken for the Council of Mortgage Lenders (CML) in conjunction with the Building Societies Association (BSA) says that it is vital to adopt a more joined up approach to delivering advice to older borrowers, and to narrow the gap between mainstream lifetime mortgage advice silos.
June Deasy, head of policy, CML said:
“Older people have to make complex, often inter-related decisions about a range of financial services products, from pensions, wealth management and mainstream mortgages, to equity release. More flexible ways to borrow and use housing equity throughout life will play an increasingly key role in how these decisions are made.
“With advice regimes segmented due to different regulatory conduct rules and permissions, different types of advisor; and different product heritage, CML has long called for a smoother experience for consumers. The research shows that consumers can see a disconnect between their need and the service provided, and a desire for clearer signposting to their options. CML believes that government is best placed to facilitate this signposting role, as it develops its Single Financial Guidance Body.
“CML remains committed to working with the industry, regulators and consumers themselves to address the associated challenges and opportunities of later life lending.”
Read the CML news release 26th June 2017 in full click here.
You May Also Enjoy
First-time buyer enquiries fall 27% as borrowing costs rise
Homes completing on Friday the 13th sell for less
Surrey, Herts & Bucks named most exclusive markets
Friday the 13th spooks home-movers
Section 21 reform divides landlords and tenants
