In episode 31 of the Growth Series podcast, Nicola Alvarez, Corporate Account Manager - Proposition Development at Accord Mortgages, is joined by Marie Catch, Head of Broker Sales at Legal & General, and Rory Joseph, Director at JLM Mortgage Services. There has been a rise in later life lending over recent years and, with the ageing demographic, this is set to continue. Many brokers already operate in this market and others are considering entering the market and developing their proposition to address the need.
Lifetime mortgage lender more2life revealed in a survey that the size of the later life lending market in 2019 will reach £295bn and is set to increase by 85% over the next ten years - nearly doubling to over half a trillion pounds by 2029 (£548bn).
The panellists discuss how the later life lending market is evolving, how consumer behaviour is changing and how brokers can adapt their toolkits to be in a position to better support their customers.
The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using digital and communications marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.
0.00 - 2.30 Welcome and Introduction
2.31 - 18.20 Nicola Alvarez, Marie Catch and Rory Joseph discuss:
- The opportunities for brokers who have traditionally focussed on the mainstream mortgage market
- How the market differs to the general mortgage market, and if brokers need to change what they do and the approach they take
- From a regulatory perspective, the risks for brokers operating in this market
- How regulators view this market and what could be expected from them over the coming years
- What is available now and how the future could develop
- How intergenerational lending is facilitated by these new products
- How smaller brokers can compete and what they should be doing in relation to marketing themselves
- What the most successful brokers are doing in this market, what makes them successful, and if there is anything they can teach brokers wary of getting into this market
47.19 - 48.55 Outro