In the second part of this series, I want to focus on two critical questions raised by the FCA’s Discussion Paper: Should it be easier to access products like RIOs and lifetime mortgages? What is holding back demand (Q15)? How effective and holistic is advice on later life lending? How can the regulator’s rules support borrowers to access more effective information or advice to support their needs (Q16)?
These are questions we welcome because they get right to the heart of what could potentially be holding the sector back.
Let’s start with access. We know the demand is out there. UK Finance data, issued at the end of last year, told us that 1.8 million fixed rate mortgages were due to expire throughout 2025, and there will clearly be a significant number of borrowers who are over-50 amongst these.
We’ve got borrowers already sitting on SVRs over 7%, with no clear repayment plan, plus according to the FCA’s Discussion Paper, the 2024 Financial Lives Survey found that 19% of mortgage borrowers over 55 said they didn’t think, or weren’t sure, they could afford their mortgage in retirement, while 38% of working people are not saving enough for their retirement.
And yet, many are not being offered a later life lending solution, not because they’re unsuitable, but because they’re never brought into the conversation in the first place.
We believe the main barrier isn’t appetite. It’s structure. There are still too many advisers who can’t access these products, aren’t aware of more modern products and their benefits, or aren’t qualified to discuss them. That’s not a fault of the adviser sector, it’s more of a structural issue. And it’s exactly why we’re calling for one unified qualification that ensures every adviser can talk confidently about later life lending.
The idea that a customer might go through an entire mortgage review in their 50s or 60s and not have a lifetime mortgage or RIO mentioned as part of this - even when it might be the most suitable option - is something that has to change. That’s not just about access. That’s about fairness.
And the advice process itself needs to evolve. Advice in later life isn’t just about rate and term, it needs to be rooted in a proper understanding of income, expenditure, future plans, health, vulnerability and intergenerational goals. It needs to be broader than just the product. That’s what holistic mortgage advice looks like.
The good news is the regulator appears to recognise this. The FCA’s DP is clear we need to support advisers to provide more effective and timely guidance to older borrowers, and we agree. But if we’re serious about that, then we need to support advisers with the tools, training and time to make it possible.
That’s where we’re putting our focus. At more2life, we’ve refreshed our brand this year to make it clearer than ever what we stand for; that being accessible later life lending, flexible solutions, and streamlined processes that help advisers do their jobs better.
Our ProView platform backs that up, combining early-stage insight into case suitability with decades of underwriting experience to give advisers the confidence to progress with the right product, or pivot quickly when necessary.
ProView is already making a difference. It now takes, on average, 6.4 working days from application to offer, and 1.4 working days turnaround from valuation received – this compared to 11 and 2.6 for non-ProView cases. It therefore reduces delays, cuts down on admin, and builds trust with clients by giving clear answers upfront. For advisers new to the market, or scaling into it, that’s a massive win. It’s not just a tool, it’s a confidence booster.
We’re also proud to partner with distributors like Air who are doing the heavy lifting to bring more advisers into this space, offering structured learning pathways and case support. Because let’s face it: no one wants to fumble through a conversation about later life lending solutions if they haven’t got the backing of a system that helps them deliver it properly.
That’s what we need from the regulator now: clear direction and confidence. That is clear guidance which encourages earlier consideration of later life options. Rules that support joined-up advice. Consistency in qualifications. And support for technology and innovation that remove the barriers that may still be preventing advisers from stepping into this market with confidence.
Our response to the FCA will be shaped by all of this. Because when we look at the numbers, the need is crystal clear. We have a growing population of older homeowners, many of whom are in debt, sitting on equity, and not receiving advice that reflects their true financial picture. That needs to change and the industry is ready for it.
We’re ready to help drive that change. The FCA is asking the right questions. Let’s make sure we give them the answers and the solutions that will move the market forward.
