To say the first batch of product transfer data, published by UK Finance, was surprising would be something of an understatement. These are figures which the industry has been waiting many years to see and, despite some educated guesses on just how big the market might be, I’m not sure many people thought it would be in the region of £200bn-plus a year.
All in all, the opportunities clearly outweigh the threats when it comes to the later life market.
To suggest that all those in later life are in the same boat would be clearly wrong.
Ball tampering and the parallels between sport and business
We all put a lot into our working lives which is fine, but there’s also much to be said for having down/leisure time where we can switch off and recharge the batteries.
Advisers will have a job to do in explaining the market changes, but this was ever the case – the good news is that advice is needed more than ever and that there are options available.
I’m very confident that the advantages to our market far outweigh any potential negatives.
It would be very surprising not to see larger lenders not just opening up but also potentially squaring the circle by offer equity release products as well.
Bob Hunt is chief executive of Paradigm Mortgage Services In the lexicon of the mortgage market, and perhaps top of the heap in terms of…