New support tools are designed to help advisers in discussing affordability with clients
Later life lending platform Air has launched a suite of new support tools called Later Life Lending Navigator, designed to help advisers in discussing affordability with their clients.
The Navigator, which is part of Air Sourcing, will initially consist of two different tools. The first focuses on using top level affordability considerations, while the second allows advisers to easily compare the total cost of borrowing across lifetime mortgages, residential mortgages, and retirement interest-only (RIO) mortgages.
Having already trialled the tool with a range of different advisers and lenders across the broader later life market, the Navigator is now fully available to members who sign up to Air’s affordability tools.
Air said it would continue to develop and refine the tool using feedback and support from members and partners, adding further product categories as new variants were launched by lenders.
“The later life lending market is evolving, and affordability is becoming an increasingly important consideration for many customers keen to manage their borrowing,” commented Paul Glynn (pictured), chief executive at Air. “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.
“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.”
Emma Graham, business development director at Hodge, said it was 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 complement the tools and products offered as part of our range,” she added.
Will Hale, chief executive at Key, believed that Air’s Navigator could play a central role in helping advisers, in the context of enhanced expectations post-Consumer Duty and an ever-evolving later life lending market.
“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,” Hale said.
“With older customers suffering as a result of the cost-of-living crisis and sometimes a sharp increase in mortgage repayments as they come off fixed rate deals, the need for good quality advice centred around affordability has never been more important.”
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