Awareness of product innovation in the later life lending market is growing but advisers have admitted they need more support, according to findings from Air.

The later life lending platform’s latest survey of 200 over-50s specialists and financial and wealth advisers revealed that 83% know of the new products being launched by lenders.

Almost half (47%) questioned said they are "very aware" of the range of new products including higher LTVs, shorter and fixed early redemption charges and increased flexibility around regular payment options enabling customers to repay interest and capital or both.

Forty-two per cent said they are aware of term interest-only mortgages, while 40% know of payment term lifetime mortgages. Forty per cent also know of interest reward lifetime mortgages.

However, the increased options for later life lending and complexity for advisers is driving a need for more support, with 73% of those aware of later life innovation yet to recommend products to any clients.

Furthermore, 44% said they are "very confident" that they have the skills and expertise to advise clients across the full range of later life lending products.

A further 37% stated that they are "quite confident", while 18% said they are only confident about advising on standard lifetime mortgages ad not the new products.

Chief executive officer at Air, Will Hale, said: "Product innovation, not only in the lifetime mortgage sector but also in terms of retirement interest-only mortgages, term interest-only mortgages and long-term fixed rate products, has created a complex landscape for mainstream mortgage advisers and later life lending specialists alike.

"Help is on hand through the sourcing and research tools available and with the professional development resources and support provided by lenders and through networks and mortgage clubs.

"Creating better outcomes for customers requires advisers across the market to engage with these services and also to put in place referral arrangements with trusted specialists if they do not want to expand their proposition but still be able to ensure that all options are offered to clients."

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