Looking for support in discussing affordability with your clients?
Posted on
Featured
At Air, we have listened to our members, on the areas that they need support with, post Consumer Duty and are pleased to launch the first version of our Later Life Lending Navigator tool, to help support advisers in their advice process.
The new Air Navigator tool is designed to help advice firms face into this challenge and provide a suitable advice path for the customer towards the most suitable later life lending option. By addressing the key components of affordability both pre- and post-retirement as well as a consumer’s attitude towards a range of later life lending risks and aspirations, the tool helps to narrow down the suitability of different later life lending options – from capital & interest mortgages to RIOs and lifetime mortgages.
Split into two parts, the tool initially filters later life lending options in or out depending on the customer’s ability (and desire) to service their debt along with the answers to the prioritisation questions. Then, in part two, the tool allows advisers to drill further down into the specific cost of borrowing calculations for each option, helping to further narrow down the desired lending solution that will allow the adviser to source and recommend the most appropriate product.
The tool is designed to help an adviser open up a much wider, more holistic discussion with consumers about later life lending, and in particular their ability (and desire) to make repayments. The tool has been designed for advisers and by advisers, with regular feedback being used during development from stakeholders across the lending industry (including the FCA) in order to shape and fine-tune the tool. As new lending options and innovations come on to the market, the tool will be further refined and enhanced to ensure advisers using the Air Navigator are always at the leading edge of advice excellence and due diligence.
Please click here to register your interest and a member of our sales team will be in touch to assist you with a demonstration and provide EXCLUSIVE access ahead of our full launch.