Air Sourcing has launched a new borrowing forecast tool and re-broke tool designed to help advisers better explain the impact of different features to customers.

The tool covers all lifetime mortgages as well as the differing product features available on Air Sourcing.

With increasing numbers of borrowers looking to re-broke, Air Sourcing suggested the new tool will help advisers to explain each customer’s individual options.

Early repayment charges, ad hoc fees and further advances will all be factored into the calculations with the tool highlighting whether the new mortgage will be cheaper, and by how much, showing any cost saving annually as well as over a desired term. It will also produce a clear graph of the existing mortgage compared to the new lifetime mortgage with the option to include property value inflation.

the distributor for equity release and later life advisers stated that with concerns being raised by some that customers do not always fully understand the impact of factors such as compound interest, these products are designed to support Air members as they build client understanding.

“While each adviser has their own approach to explaining how equity release works and the various features of these products based on regulation, concerns have been raised about whether customers truly understand issues such as the cost of these products over a lifetime,” commented Air Group CEO, Stuart Wilson.

“To further support our members, we have launched new borrowing forecast and re-broke tools to aid in the advice process.

“This will add another string to our members’ bows when they are working to support their customers with user-friendly graphs, tables and illustrations.

“With the market growing rapidly and more customers than ever considering what role housing equity can play in their later life finances, Air remains committed to helping advisers support more customers with a wider range of different tools, systems and training.”

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