Borrowers put off later life mortgages by high rates and lack of knowledge
Mortgage advisers have called for more support from equity release providers
Some 44 per cent of mortgage advisers believe a lack of consumer education is preventing people from engaging with the later life lending market, while 59 per cent feel rising interest rates are putting people off.
According to a survey conducted by Air, a further 27 per cent of brokers said the idea that people are meant to pay off their mortgage before they retire was creating a barrier for potential borrowers.
Some 19 per cent said a lack of access to information about the market was limiting access.
More support needed
Mortgage advisers also called for more support from lenders, with 36 per cent saying the help they did receive allowed them to do their jobs more effectively. Just 12 per cent said lender support did not help them.
A fifth asked for more training, saying they wanted to build on their knowledge of the market.
Stuart Wilson, chairman of Air Club, said: “With advisers working hard to support customers in a higher interest rate environment, there is plenty of scope for providers in this market to step up.
“Significant work is going into customer education and to highlight how modern flexible products can be used to manage a customer’s borrowing, but we need to carefully consider what else can be done.”