Hodge Lifetime is launching a campaign to support advisers doing business in the later-life lending market.
The lender acknowledged that while product options had evolved there was not enough education for brokers to decide which solutions best fitted their customers’ needs.
It said it will be responding to the clear need for more education about the later-life market with a series of guides, videos and infographics.
It’s Helping Hand campaign will deliver tools which should support advisers in everything from making the most of their own business, to understanding more about the product range as a whole.
The campaign launches with a new underwriting guide designed to answer all the questions advisers might have before they get to the application stage.
In addition to the educational resources, Hodge said it would be improving its online services in response to broker feedback.
Not enough education for brokers
In January, Hodge surveyed advisers to find out what they wanted to see in 2019 and it was apparent support in building and promoting their business was a priority.
Head of customer propositions and experience Laura Reid noted that more needed to be done to help advisers unfamiliar with the later life market.
“The introduction of Retirement Interest-Only mortgages in 2018 signalled a big shift in the later life lending market and one which requires lenders to step up and help advisers decipher which product suits their customer best,” she said.
She added that the market had evolved “so we now have a situation where there are more options available but not enough education about which product suits who.”
Business development director Tony Hall, said: “We want to make the whole process as simple and streamlined as possible and that’s what our Helping Hand campaign is all about.
“Our survey showed 73% of those asked wanted guidance on underwriting criteria, while 60% needed support in marketing their business to the later-life market.
“It’s clear we need to be doing all we can to make life easier for advisers.”
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.