Trade bodies launch consumer guide for later life lending space

Several trade bodies from across the financial services sector have collectively launched a new consumer guide for the later life lending industry.

The guide, designed with information on relevant product and advice solutions for the later life lending space, has been published by the Association of Mortgage Intermediaries (AMI), Building Societies Association (BSA), Equity Release Council (ERC), UK Finance and The Investing and Saving Alliance (TISA).

The trade bodies described the later life lending sector as “an increasingly complex environment” and suggested consumers need better information about their options. The guide has therefore been designed to help borrowers understand these options when considering a mortgage that extends into, or starts during, retirement.

Each trade body is expected to promote the guide’s information through their physical and digital channels. 

Commenting on the launch, AMI chief executive, Robert Sinclair, said: “AMI has worked in partnership with UKFinance, the ERC, the BSA and TISA to add what we consider to be an important impartial short leaflet that can be used to explain available options to consumers in simple language.

“We hope that this will be an enduring partnership to assist many who are vulnerable to navigate complex options with basic facts. All firms and advisers are free to use this and it is accessible on all the trade bodies websites.”

more2life CEO, Dave Harris, added: “As the Chair of the UK Finance Later Life Lending Committee, I would like to welcome this guide as well as the collaboration between these leading trade bodies. Putting good consumer outcomes at the heart of what we do is how the industry operates and providing an informative unbiased guide that ensures customers feel confident when they start looking into their options clearly highlights this.
 
“The later life lending market is a vibrant and growing sector which supports millions of people and their families across the UK. We need to continue to work together to ensure that people can access the right support for their individual circumstances.”

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