Later Life Money: Sector is in robust condition despite COVID-19
Later Life Money (LLM) has said that the later life lending area of the market is in a robust condition, despite the issues caused in relation to coronavirus.
As a result of the pandemic many lenders in the mortgage market have paused mortgage applications, however the firm outlines that later life products are still available.
The firm believes this to be accountable to later life products not being assessed on income or affordability.
It also noted that funding lines are unaffected by having to deal with unprecedented calls from consumers requesting mortgage payment holidays.
Steve Paterson, director of Later Life Money, said: “The later life market is extremely forward thinking.
“Due to the collaboration between the Equity Release Council, advisors, solicitors, valuers and lenders, some work around’s have been agreed to keep the wheels turning In order to keep the market active and continue to support the borrower.
“Equity Release Lenders have now issued a communication stating they are optimistic about the ability to offer desktop valuations across their businesses in the very near future.
“This will be a significant and positive change in the approach to lending, one that we have never seen before.
“The market is thriving, we are expecting exponential growth over the next 12 months.
“However, we urge the consumer and their families to take their time, remain vigilant and to weigh up all the options available to them before they commence any form of capital raising.”