27 July 2023: With Consumer Duty front of mind, Air has launched a new retained equity and repayments calculator (click here) to help advisers clearly illustrate the benefits of making repayments on their equity release borrowing.
This new tool from the later life lending platform allows advisers to personalise the approach to each customer by specifying the loan amount and repayment amount as well as the impact of any further borrowing on the final amount owed as well as the amount of equity remaining in the property.
Having trialled the functionality with selected Air Club Members, the tool is also available on request for firms to white label (click here) and host on their own websites to encourage customers to access this as part of the initial research process.
This launch is part of a new suite of support that Air is offering its members to help them grow and develop their businesses in the current challenging conditions via insight and focused marketing activities. It also compliments the training offered by Air Academy which boasts a series of modules intended to help advisers upskill and better serve their customers.
Paul Glynn, CEO of Air, said:
“Equity release products are more flexible than they have ever been with the ability to manage borrowing in the current higher interest rate environment a paramount consideration. Therefore, we are delighted to launch our new retained equity and repayments calculator which one adviser who tested it dubbed “game-changing” as it will help advisers bring to life the positive impact that making payments can have on the total cost of borrowing.
“With later life lending products like equity release becoming increasingly actively managed, these types of tools are a step forward and advisers should be using these types of illustrations as a matter of course within the advice process. An informed engaged customer is more likely to receive the good outcomes they need.”