Later life lending platform, Air, has launched a new set of tools to support financial advisers as they discuss affordability with their clients.

Part of Air Sourcing, the group’s ‘Later Life Lending Navigator’ will initially consist of two different tools.

The first focuses on using top level affordability considerations to help narrow down the range of potential products which may be suitable for a client. The second part will allow advisers to easily compare the total cost of borrowing across lifetime mortgages, residential mortgages and retirement interest-only (RIO) mortgages.

From launch, Air said its new offering will cover considerations around standard residential mortgages, RIOs and lifetime mortgages, and the group will then continue to develop and refine the tool using feedback and support from members and partners, adding further product categories as new variants are launched by lenders.

The Navigator tools put affordability up front in the advice process and in keeping with the Financial Conduct Authority’s Consumer Duty requirements, will ensure all types of later life lending products are included in the scope of early discussions with customers.

CEO of Air, Paul Glynn, said the later life lending market is “evolving”, and that affordability is becoming an “increasingly important consideration” for customers keen to manage their borrowing.

“Consumer Duty, the proliferation of new and emerging products as well as the higher interest rates, have all pushed this issue to the top of the agenda,” Glynn added.

“Air is therefore delighted to launch its Later Life Lending Navigator tool, which it has built with input from members, partners and lenders who are keen to help more formally integrate these important considerations into their advice process. Providing personalised advice which stands the test of time is the aim of every adviser and these tools will help our members to deliver against this ambition.”

Business development director at Hodge, Emma Graham, commented: “We feel honoured to have been part of the discussion and development process for the Navigator. It will help advisers discuss the full suite of options available to customers who can afford to make payments, and will compliment the tools and products offered as part of our range.”

CEO of Key, Will Hale, added: “In the context of enhanced expectations post-Consumer Duty and an ever-evolving later life lending market, Air’s Navigator can play a central role in helping advisers demonstrate a field of vision beyond their own specialism and support the delivery of good customer outcomes.

“As we embed the tool into our advice process, being able to quickly assess affordability and other aspects of product eligibility alongside softer preferences can help our advisers have a more rounded discussion with customers about all the options that may be available to them.”

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