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Over 50s being failed on later life lending

ended 19. March 2025

Research from Key Later Life Finance has found that mortgage brokers are failing the over-50s on later life lending by not making them aware of all their options. Read the full article on FT Adviser >> here <<. Newspage asked brokers for their views, below.

4 responses from the Newspage community

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Iain Swatton
Director at Exemplar Financial Services
Too many advisers are failing over-55s by not making them aware of all their later life lending options. For many clients, a mortgage is or will become a loan for life, yet they are often left in the dark about flexible solutions that could better suit their needs. In my experience, far too many advisers take a transactional approach, working within their siloed areas of expertise rather than offering a truly holistic service. This lack of joined-up advice risks leaving clients with unsuitable products and missed opportunities for greater financial flexibility.
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Justin Moy
Managing Director at EHF Mortgages
There are still many mortgage advisers that can only advise on the Equity Release products, or the more traditional mortgage and RIO (Retirement Interest Only) options, but not both types of mortgage option, so that in itself does contribute to this situation. Ideally all borrowing enquiries beyond a certain age should be via an adviser with both sets of qualifications, allowing a more holistic review of all options, and ensuring client needs are at the centre of all our recommendations.
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Pete Mugleston
Mortgage Advisor & Managing Director at onlinemortgageadvisor.co.uk
Later life lending is a rapidly growing market, yet many over-50s aren’t being made aware of their full range of options. We in the industry often focus on standard products, overlooking alternatives like retirement interest-only mortgages or equity release. This can leave clients with limited choices when a tailored solution could better suit their needs. The industry needs to improve education and advice in this area, ensuring older borrowers receive clear, unbiased guidance. With more people carrying mortgages into later life, brokers must adapt or risk failing a key demographic that increasingly needs specialist financial support.
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Nick Lovell
Managing Director at Concept Financial Services
Key previously focused solely on lifetime mortgages, limiting options for later life clients. Consumer Duty has driven them to expand their approach, now incorporating retirement interest-only (RIO) mortgages. Lifetime mortgages shouldn’t be the default choice, especially early on—clients with strong income should explore RIOs or lenders offering longer terms. With lending available up to 75, clients can keep future flexibility, allowing them to rebroke into a lifetime mortgage later when property values have increased, avoiding unnecessary restrictions. The key issue here is education—both clients and advisers must better understand the full spectrum of later life lending options to achieve the best outcomes. While I agree with Key’s stance now, their past approach was narrow, and it’s regulatory pressure, not innovation, that has driven their shift. Ensuring tailored solutions, rather than a one-size-fits-all approach, should be the industry’s focus.