The Intermediary – January 2026 - Flipbook - Page 58
L AT E R L I F E L E N D I N G
Opinion
Looking in
the mirror
A
new year inevitably
brings with it a
lot of talk about
fresh starts, and
resolutions to do
things in a different
– hopefully more efficient – way over
the coming 12 months.
In my view, a clear priority for all
advisers in 2026 should be to ensure
they are doing more than paying lip
service to later life lending products.
Now is the time to proactively
embrace this area of the market,
rather than wait for the prompting of
the regulator.
An honest appraisal
Looking in the mirror is not always
a comfortable experience aer the
festive and New Year period, but it’s
important to give an honest appraisal
before seing off on a healthier path.
It’s not about guilt, but rather spoing
opportunities for improvement.
That’s as true from a professional
perspective as it is from a personal
one. Now is the time for advisers to
consider – honestly – whether they
are offering a complete service to
their older clients, whether they are
delivering the full range of options
those clients would benefit from.
Traditional remortgages may
work for some, but undoubtedly
there will be plenty of other clients
over the age of 55 who might benefit
from more specialist options, from
retirement interest-only (RIOs) to
lifetime mortgages.
If that look in the mirror uncovers
an uncomfortable truth, then now
is the time to do something about it,
whether that’s upskilling or working
with a specialist partner.
Specialists need to look carefully
at their own practices, too, ensuring
they are including the full range
of options when considering next
steps for clients. Are they giving
enough prominence to products that
include the ability to make full or
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The Intermediary | January 2026
partial interest repayments, or those
that include no early repayment
charges (ERCs) and can provide more
flexibility for customers down the
line, even if the initial rate may be
slightly higher?
This market has seen huge
innovation, and we need all advisers –
whether specialists or mainstream – to
have comprehensive conversations
with customers make the most of the
broad spectrum of solutions available.
Change is on the way
I’d strongly argue this is the time for
advisers to be proactive about adding
specialist later life lending products
to their suite of options, rather than
waiting for encouragement from
the regulator.
The Financial Conduct Authority’s
(FCA) Discussion Paper has,
appropriately enough, prompted a
lot of discussion within the mortgage
market about where the industry
needs to up its game and deliver for
all clients.
This has been further supported
by the publication of the regulator’s
Mortgage Rule Review Feedback
Statement (FS25/6) which pinpoints
later life lending as a priority,
including a focus on improving the
advice offered to older borrowers.
One area crying out for reform, and
identified by the FCA, is the divide
between mainstream mortgage advice
and later life lending advice.
The idea advice should be siloed in
this way is completely outdated and
must be removed. Alongside this,
there is an evident need for a single
qualification structure, which will
provide advisers with the foundation
they need for addressing all the later
life needs of their clients, irrespective
of the eventual path they opt for.
Just as we should aspire to an
environment where advisers are
offering a holistic approach to their
clients, I’d hope the regulator will
see the need to tackle these two areas
DAVE HARRIS
is CEO at more2life
collectively rather than consecutively.
If it does, 2026 may prove to be an
incredibly significant one for older
clients and the advisers they rely on.
However, there is lile benefit to
be had from waiting for the final
pronouncements from the regulator.
The opportunity is there to be grasped
in the here and now, not 12 months
down the line. We are already seeing it
from some networks and advice firms,
but in my view, still not enough.
The coming year is likely to see
yet more product innovation, as
providers build even more options that
provide flexibility over repayments,
charges and the ability to secure
lower interest rates by commiing to
regular contributions.
These innovations are all designed
to open up later life lending to a
much wider audience, tailored to
meet the specific needs of individual
homeowners as a natural step from
mainstream solutions to those for
older borrowers.
Combined with the improved
integration of technology, which is
helping advisers keep on top of cases,
prove compliance, and deliver faster
decisions, the later life lending market
has never been beer positioned to
support older clients.
The worst thing advisers can do is sit
back and wait for the regulator to tell
them what to do.
That approach delivers a poorer
outcome for clients, while leaving
advisers at risk from rivals who have
recognised the opportunities from
embracing later life lending.
The time for change is now. I
hope that when 2027 comes around,
and advisers once more look in the
mirror, they can honestly say they are
delivering the full range of options to
their older clients. ●
