Retired or older homeowners who are struggling to get clear information on later life mortgages can now gain an insight into their options using a new guide.
A range of bodies across the finance and mortgage industry have joined together to create the leaflet which offers information on all the relevant products and advice solutions currently available.
Taking out a mortgage in later life can often feel daunting and confusing, with so many different options including equity release, retirement interest-only mortgages and standard products which extend into retirement.
The idea of the leaflet is to ensure consumers receive consistent messages from all the main areas of the industry in a clear and easy-to-use format.
Amongst the organisations involved in producing the leaflet are the Building Societies Association, UK Finance (which represents the banks) and the Equity Release Council. They have collaborated to produce the information leaflet which aims to make it easier for consumers to find the most suitable Later Life Lending products and advice and more clearly understand what their next steps are.
Robert Sinclair, chief executive of the Association of Mortgage Intermediaries (AMI), which was also involved in producing the guide, said this was an important, impartial short leaflet which could be used to explain available options to consumers in simple language.
“We hope that his will be an enduring partnership to assist many who are vulnerable to navigate complex options with basic facts,” he added.
You can find the leaflet by clicking here.
