Brokers and lenders must work harder to modernise perceptions of a market that has fundamentally changed
The later-life lending market has changed beyond recognition over the past two decades, but one obstacle remains stubbornly in place – the perception that equity release is a product of last resort carrying the risks of an earlier, less regulated era.
Andy Shaw, director and head of later-life lending at SPF Private Clients, is candid about the scale of that challenge.
"I think there's still a large number of professionals out there, whether they be residential mortgage brokers or wealth managers, solicitors, whoever it may be, that still see and hear equity release and think, oh no, that's a bad product from the bad old days," Shaw told Mortgage Introducer.
It is a problem that shapes referral behaviour, limits consumer awareness, and in Shaw's view, requires the entire market to take responsibility for fixing.
The advice gap and how it forms
More2life's Q2 2026 data showed that one in six lifetime mortgages completed in the quarter were secured against properties worth £700,000 or more, reinforcing calls for older borrowers to be directed towards the full range of later-life lending options, including lifetime mortgages, retirement interest-only mortgages, and other appropriate products. But Shaw acknowledged that how consistently that happens in practice is difficult to gauge.
At SPF Private Clients, the firm's breadth works in clients' favour. "We're in the very fortunate position that we do cover all types of mortgages in-house under the one roof, so it's quite rare that a client will only speak to one broker," Shaw said.
In practice, an older borrower at SPF might speak to a member of the later-life lending team about a lifetime mortgage while also consulting a mainstream residential broker about a retirement interest-only mortgage or a term interest-only product. Shaw pointed out that the latter are frequently overlooked despite offering strong solutions for the right client.
"There are a lot of good solutions out there on a term service interest basis that perhaps get overlooked, and people can jump a bit too swiftly straight to the lifetime solution," he said.
Who should drive change
When the conversation turns to changing wider market perceptions, Shaw spreads the responsibility broadly. The Equity Release Council has a clear mandate in this space, but he believes brokers, lenders, and other market participants all have a part to play, including being willing to speak to trade media and champion the sector's development through later-life lending coverage.
"I think it's on lenders, brokers, and all other market participants to never turn down a call with someone and be able to put that across and to write your blogs and on your own websites to champion the marketplace more generally, not just from the perspective of your own company and your own services," Shaw said.
He was equally direct about the need to acknowledge the market's history rather than paper over it. "Don't be shy about acknowledging that it did used to be a bit of a murky market, but it isn't anymore."
The case for specialist expertise
One concern Shaw raised – and which sits at the heart of the debate around later-life lending advice standards – is the risk of the market moving towards generalism at the expense of specialist expertise. He expressed unease at any push to bring lifetime mortgage advice within the scope of the Certificate in Mortgage Advice and Practice (CeMAP) qualification rather than maintaining it as a standalone credential.
"If it's just brought under the general scope of CeMAP and it's just another part of being a qualified mortgage advisor, you would lose expertise and there would be people who have the qualification to do the business but don't do enough of it to ever be anywhere near expert," Shaw said. "And when you have people dabbling in the marketplace, it tends to go terribly wrong."
His argument is not that referral pathways are unworkable, rather that they must function properly if generalists are to handle initial conversations. Specialists still have a place, but only if clients are reliably directed to them.
Despite the challenges, Shaw's overall read on the market is measured. Standards, he said, have held firm even as the sector navigates headwinds, with the equity release market showing signs of recovery in 2026.
"I think there's still a lot of good people in this industry trying to do the right thing," he said. "Whether that's brokers giving good advice and going out of their ways to be holistic, or if it's lenders trying to innovate with new types of products, the general driving forces in the industry are good."
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