Later life lending - Your guide to the market

LATER LIFE SPECIALIST SPECIALIST LENDING FINANCE Your introduction FINANCE to the market

Your introduction Your guide to the market to the market

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u refer, we chat, we advise, you earn… ouldn’t be simpler

The equity release referral specialists

WEST ONE IS A SPECIALIST

The equity release referral specialists

Help your clients see the financial potential in their home With most family wealth tied up in property the potential use of equity release goes far beyond what your clients might initially consider.

How can equity release help your clients?

Purchase a holiday home or second home

Gift to help loved ones get onto the property ladder

Pay o� an interest-only mortgage

Help to split assets in the event of a divorce

Find out how equity release could transform your clients’ circumstances by referring them to Key Partnerships

You refer, we chat, we advise, you earn

www.keypartnerships.co.uk

0800 138 1663

This has been approved for intermediaries only and has not been approved for customer use

Contents

The later life market is one of endless possibilities

4 Feature Will Hale, chief executive of Key Retirement, on the prospects of the later life market

10 The market in numbers The past 12 months have been interesting for the later Crunching the later life numbers life market. Political uncertainty has had an impact but the sector remains relatively stable.

12 Interview The number of people drawing on housing wealth in Simon Thompson, group chief later life still remains high by historic standards and is executive of Key Retirement, an important funding option for many, considers how equity release is According to the Key Market Monitor there were on the cusp of the mainstream 22,126 equity release plans sold in the first half of 2019 - that’s up over 5% on 2018 figures.

17 Equilaw The long-term trend of an aging population coupled Matthew Taylor, relationship with increasing individual responsibility for funding manager, Equilaw discusses retirement and lifestyle needs in later life means the the importance of listening to market looks likely continue to grow. consumers’ needs and the selfNew plans aside there are also opportunities for regulation of later life brokers to monitise their existing later life client base.

So far in 2019, there has seen a 4% increase in 21 more2life customers choosing to rebroke their equity release Dave Harris, chief executive at plan from 1% in H1 2018. more2life, talks housing wealth With rates as low as 3.21% and equity release and debt lenders increasingly bringing new and innovative products to market, those who took out an equity 25 Pure Retirement release plan a few years ago are considering this Paul Carter, chief executive at option to save money or release additional funds.

Pure Retirement, on adapting to The figures are clear. There is no denying that there consumer is a continued appetite for equity release among older 29 Just Group homeowners.

Peter Borley of Just Group However some brokers remain wary of the market. on how tailored solutions are Research from LV found that almost three quarters of creating more lifetime mortgage advisers are reticent about advising on equity release. clients’ finance This is despite the majority of brokers predicting the sector will become mainstream within the next decade.

Brokers said this releuctance was because they felt £ that they had a lack of personal knowledge about equity release products.

To miss out on a growing market which can add real value to your consumers due to a lack of knowledge 476563_Moreish_KP_StripAd_130x22mm_HR.pdf 1 01/08/2019 14:48 would be a terrible shame.

Now is the time to get to grips with later life lending.

You refer, we chat, we advise, you earn… it couldn’t be simpler The equity release referral specialists

Feature

THE OPPORTUNITY

HAS NEVER BEEN

BIGGER Will Hale, chief executive officer at Key Retirement, on the prospects for the later life market

A

decade ago when we talked about the later life market in relation to property you might have been forgiven for thinking about retirement communities, perhaps a little estate planning or even home adaptations. However, much has changed and the later life market – if you consider this as being people being over the age of 55 – now covers more than 20.5 million people in the UK. This is almost a third of the population and they are typically homeowners with between 31p (55-64 years) and 53p (over-85 years) of every pound of all assets they have to their name tied up in residential property. While they may or may not fit the traditional label applied to equity release customers of “asset rich and cash poor” they are almost certainly likely to enjoy a longer retirement than their parents with different financial aspirations and pressures than previous generations.

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So who are these customers and what exactly fits into the later life market? Firstly, it is important to realise that someone age 55 is no longer 10 years away from retirement, a man has on average 28.5 years left to enjoy and a women 30.9 years. Some of these years will be economically active either through choice or necessity while some might be spent in ill-health with limited mobility.

Society is evolving to take these shifting sands into account! Not only are people getting 

“It is not inconceivable that a first time buyer might take out their first mortgage with a term that finishes after what was traditionally state pension age”

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Feature

£

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Feature

married later with grooms typically 38 years old (34 years – 1999) and brides 36 years (32 years– 1999) but people are also buying properties later.

While this may also be due to the substantial in-

“In order to advise on equity release, you need CeMAP and CeRER qualifications but in order to advise on RIOs and later life mortgages the only requirement is for CeMAP” crease in house prices that we have seen, it does mean that it is not inconceivable that a first time buyer might take out their first mortgage with a term that finishes after what was traditionally state pension age.

Retirement needs Others may have been able to climb onto the property ladder sooner and have paid off their mortgages but find that when it comes to pensions, they are playing piggy in the middle. Too young to have enjoyed full access to final salary schemes, too old to have reaped much benefit from automatic enrolment but generally aware that state provision won’t be sufficient to meet their needs in retirement.

And then you have the parents and grandparents who willingly or unwillingly have joined one of the UK’s largest lenders – the Bank of Mum and Dad. Estimated to provide billions of pounds worth of lending at very generous terms, this ‘institution’ has recognised and taken action to help address the younger generation as they look to start their working lives with university debts and little prospect of accumulating the level of deposit required climb onto the property ladder.

All of these customer segments are serviced by the relatively new later life lending market which includes equity release, Retirement Interest-Only mortgages and an evolution of more traditional mortgage products allowing borrowing to extend into older ages.

Retirement Interest Only Mortgages or RIOs, as they have been dubbed, are interest-only products which need the borrower to make regular 6

interest repayments but can be held for the life of the borrower.

They were intended primarily to help the 1.7 million borrowers who still hold standard interest only products and are reaching the end of their term – potentially without a repayment vehicle in place or with one that has underperformed leaving a catastrophic shortfall.

While this is a step in the right direction – and a product that Key covers within our advice process – they do have their challenges, particularly around affordability requirements which can be a major barrier to access.

In the case of a couple, it needs to be demonstrated that each person would be able to make the payments should their partner die or go into care. Another potential disadvantage is that fixed rate deals on these products are relatively ‘short term’ at the moment with the typical two or 3-year terms meaning that someone may need to regularly remortgage as they move through retirement.

Then there is equity release! Typically, a lifetime mortgage which allows the customer to borrow money against the value of their property without the need to make ongoing payments (therefore negating the requirement for an affordability assessment) and with the balance only needing to be repaid when the borrower sells, goes into care or dies.

Historically, questions have been raised about the impact of compound interest but modern products do offer borrowers the opportunity to repay interest or make one off lump sum payments, mitigating this issue. These payments can be stopped at any point without penalty and the products boast rates from as little as 3.21% fixed for the life of the loan.

So what are the challenges facing this market?

Firstly is the issue of vulnerability which is a key topic for the Financial Conduct Authority (FCA) and has been suggested as a reason why they may be keen to scrutinise this market more closely.

To quote Andrew Bailey, CEO at the FCA, “… consumers in vulnerable circumstances are more susceptible to harm and generally less able to enhance their interests”.

Different shapes and sizes Not all older people are vulnerable but older people are more likely to be vulnerable than some other age groups.

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Feature

It is also not necessarily a constant state as for example, if your spouse had died, you may be vulnerable around that event but given time, you may become less vulnerable.

It comes in a wide variety of different shapes and sizes from someone whose cognitive impairment might make them vulnerable to someone who doesn’t speak English to someone who is so desperate to repay debt, that they would consider any solution.

In the equity release world with the average customer aged 70 years old, we are acutely aware of this issue and Key, in common with all specialist advisers acting in this market, has a comprehensive approach across advice delivery and compliance monitoring to ensure that vulnerable customers are appropriately identified and that our staff are supported to ensure that these customers are dealt with appropriately to deliver consistently good outcomes.

To give you an idea of the range of vulnerability, in H1 2019, 46% of these cases were due to mental concerns, 9% due to undue influence, 4% due to concerns around debts and 4% due to severe illness.

In addition to vulnerability, the market is battling the siloed approach to advice – arguably engendered by an outdated approach to regulation given the significant recent evolution of this category.

As you well know, in order to advise on equity release, you need CeMAP and CeRER qualifications but in order to advise on RIOs and later life mortgages the only requirement is for CeMAP. To ensure that people are aware of all their product options, those who sell RIOs need to advise clients that “an equity release loan may be a better option for your circumstances”.

However, while this is well intentioned, I might argue that many customers that find themselves advised by someone that is not a specialist in this market may feel they do not have a good understanding of the relative pros and cons of all the options before them.

The lack of confidence of both customers and generalist mortgage advisers in this sector may explain the lack of RIO sales we have seen since their launch.

Some companies have taken a proactive approach to this issue and set up relationships with trusted, specialist referral partners like Key Partnerships – 42% of their referral partners are

mortgage advisers and 40% independent financial advisers.

Commercial potential In Q1 2019, the number of mortgage brokers registering peaked at 63% of total registrations, potentially an indication of this audience recognising the risk around advising safely on RIOs without a proper view of equity release alternatives but also that the later life market holds significant commercial potential if given the appropriate focus and attention.

In addition to facing up to the challenge of helping vulnerable customers and the relatively siloed approach to regulation, I think we also need to consider the issue of intergenerational fairness when we talk about this market. The

“Whether brokers decide to advise across all the propositions available or to refer to a specialist, individual perspectives and business models need to evolve if the opportunity is to be seized” older generation – through hard work and due to no fault of their own – holds the bulk of the unmortgaged residential property wealth in the UK. Meanwhile, the younger generation is struggling with trying to get onto the property ladder while faced with the challenge of repaying university fees, meeting day to day expenses and covering other debts such as credit cards.

Positive steps are being taken to meet these challenges with ‘help to buy’, key worker schemes and guarantor mortgages available. And of course, there is the Bank of Mum and Dad who either need to help children or grandchildren out of their savings, pension pot or own housing equity.

Key’s H1 2019 Market Monitor suggests that 28% of people taking out equity release will use all or part of it to gift to family or friends.

This is a substantial figure and one I imagine might rise, if we asked customers whether they had already helped family members and now needed to access their housing equity to make up the shortfall in funding their retirement finances.

While this in itself is simply a reflection of 

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“If you are dealing with older customers, have you considered how you may properly compare and contrast equity release, later life mortgages and RIOs?” families doing what they have always done by stepping up to help the younger generation, questions are starting to be asked about whether this is sustainable and even desirable.

Currently, the housing equity held by the older generation is being suggested as a solution to a wide range of problems faced by the UK including intergenerational fairness, care fees planning and low pension saving – the list is endless but the pot is finite.

While May’s attempt to suggest people might use their homes to pay for care was not well received in May 2017 – being dubbed death or dementia tax – I suspect that we will see more interest from Government in how housing wealth can solve some of the big societal issues the country is facing.

And this neatly leads me on to another challenge facing the later life market which is the lack of suitable properties for the older generation.

Downsizing can be an efficient way to release some of the value in a property, but if someone is going to move out of their four bed home, they need to have somewhere to go.

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Downsizing Research undertaken in Q3 2018 suggests that 620,000 over-65s homeowners say they have looked into downsizing but cannot find a suitable home in their area while another 500,000 say they’ve considered moving but would not be much better off financially. As a country, we are 8

seeing more properties suitable for older people being built, renovated or developed but we have a long way to go.

With a rapidly growing older population, mortgage brokers will see customers facing these issues on an increasingly regular basis.

Whether brokers decide to advise across all the propositions available or to refer to a specialist, individual perspectives and business models need to evolve if the opportunity is to be seized.

If you deal with predominately first time buyers, are you asking the question around how their parents might help them get on the property ladder? If you are dealing with older customers, have you considered how you may properly compare and contrast equity release, later life mortgages and RIOs? If you are based in an estate agent, do you know that equity release can help people buy a property? If you are dealing with clients coming to the end of their interest-only products, are you discussing all their options with them?

And is your knowledge completely up to date?

Regularly speaking to brokers I do find that some there remains some myths and misconceptions around equity release particularly on subjects such as prohibitive rates and lack of flexibility. It may surprise many to know that there are products available offering rates from 3.21% fixed for life.

New features Also, increasingly equity release products include features such as inheritance protection, fixed ERCs, the option to repay part of the capital or interest on an ongoing basis and flexibility around porting to another property.

Couple this with the standard customer protections from both a product and advice perspective for those operating under the standards of the Equity Release Council and this is a sector which is gold-plated from a risk and quality perspective.

So I will leave you with this!

There are 20.5 million over-55s in the UK, they hold most of the property wealth and they are of a generation that fully understands the benefits of good financial advice.

Whether you choose to boost your qualifications, refer or encourage a colleague to specialise, the opportunity presented by the market has never been bigger. 

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Half year overview

Drawdown a 12% incr accounts retains acc 73% for 73% in addition Against a backdrop of plans economic uncertainty of all of £2.38bil Monitor reveals a relatively stable period wit account fo sector as growth starts to slow down across become m plans are 22,126 up 20,934 4%from increase in in the first h averag increase of 5.6%,those whilstrebroking new lendingThe in H1 20 old.

This marginally from £1.63billionisin and switching 4% to £1.68billion average ag increase of 3%. equity release plans Some of this subdued growth in value is likely Regiona to be due t

Quarter 1 2019 results Infographic

22,126 LATER LIFE LENDING 5.6% New plan numbers

UK Equity Release Market Monitor | Half Year 2019

Number of equity release plans UK Equity Release Market Monitor | Half Year 2019

£1.68b

Total amount

Half year released 3% overview Number of equity release plans

falling by almost £2,000 year on year from £77,934 to £7 As with ho

H1 2019 number of of plans H1 2019 2018 % change Against a backdrop economic uncertainty, the H1H1 2019 Market Quarter 1 2019 results equity ove Monitor reveals a relatively stable remains period within the equity release type of plan Drawdown accou 1 South East 5,422the most 5,376popular0.9% sector as growth starts to slow down across the sector. Sales of was in Wal Drawdown a 12% increase year on inclusive of enhanced drawd plans are 22,126 up from 20,934 in the first half ofyear last2,254 year, an New plan 2 London 2,332 3.5% Biggest movers by of lending increase of 5.6%, whilst new lending in H1 2019 has region increased numbers accounts retains accessible further funds, provides potential furth 5.6% marginally to £1.68billion from £1.63billion in H1 2018, an 3 South West 2,235 2,254 -0.8% three in th for 73% in addition to £1.6billion already released; giving a total m increase of 3%. immune to Number of compared plans 4 North Total West amount 2,012 1,796 12.1% of all plans of £2.38billion, to the total of £2.18 billion in H Some of this subdued growth in value is likely to be due to the average loan amount released 3% Area

22,126

73%

£1.68b

5

1,953 20.3% falling by almost £2,000 year on year from £76,064 H11,624 2019. account for£77,934 28%to of newinbusiness, down from 35% in H1

West Midlands

6

East Midlands

7

Wales 4% increase in 23% for 73% Yorkshire & Humbersidethose rebroking of all plans and switching 4% Scotland equity release Wales 1,141 931 22.5 4% increase in Westequity Midlands The average age for those releasing remains the same year on year at 71 years those rebroking plans 20% Regional highlights old. This is slightly lower than the average age for the661 whole of 2018 595 which placed 11.1% North East

73%

8 9 10 11 12

Drawdown

East Anglia accounts

4%

and switching equity release Northern Ireland plans

Interesting

1,802 1,806 -0.2% Drawdown remains the most popular type of plan accounting for 73% of all new plans, to see a sli become more cautious. a 12% increase year on year inclusive of enhanced drawdown too. Drawdown, which could high 1,617 7.5% retains accessible further funds, provides potential 1,739 further borrowing of £706million The released; average age formarket those releasing in addition to £1.6billion already giving a total for the year to date equity remains the 1,431 1,288 11.1 of £2.38billion, compared to the total of £2.18 billion in H1 2018. Lump sum releases old. This is slightlyH1lower than the average ageTop for region the wh account for 28% of new business, down from 35% in1,187 2018 results as borrowers 1,211 -2.0% million) tak become more cautious. average age at 72. average age at 72.

201

182

Lendin

15.6%

As with house price changes, there have been regional d Total 22,126 20,934in H1 2019.

5.7% The largest in equity over-55s have released As with house price changes, there have been regional differences in the amount of Northern Ireland equity over-55s have released inin H1 Wales 2019. The(23), largesthowever, increase in theNorthern number of plans was Ireland leads the g was in Wales (23), however, Northern Ireland leads the greatest increase in the value 16% Biggest movers by region of lending at 26%.

Of the regions, four Biggest movers by region of lending at 26%. Of the regions, four recorded a fall in the value of equity release and recorded a fall in t Review three in the number of plans taken in out.the It would seem thatof older borrowers are not three number plans taken out. It would seem th immune to the uncertainty seen across the housing market.

Number of plans immune to the uncertainty seen across the housing mar Lending Number of plans

5,422

South East Wales with the highest Wales number of plans

201

West Midlands

23% 20%

Northern Ireland Northern Ireland with the lowest West Midlands 16% number of plans Lending

Northern Ireland

26% Northern Ireland

Wales

Lending

West Midlands

Regional highlights

Interestingly – after a positive start to the year - the East Midlands was the only region to see a slight fall in both number of plans (-0.2%) and valued released (-1.2%) which – after a positive could highlight an increaseInterestingly in plans in the first quarter levelling off into Q2start 2019. to the year - the Eas

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to was seetheaSouth slight inmillion) bothwith number of plans (-0.2%) and va Top region for overall lending Eastfall (£476 London (£297 million) taking second place. could highlight an increase in plans in the first quarter lev

Northern Ireland

23%

Lending contribution by region

Top region for11overall lending was the South East (£476 m million) taking second place.

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1% Northern Ireland Wales 8 2% North East 23% Lending contribution by region

20%

4 4% Wales

4% Scotland 6 5% Yorkshire & Humberside 7 5 West Midlands 7% West Midlands 10 7% North West 2 7% East Midlands 1 Anglia 7% East 3 11% South West 18% London 28% South East

25%

16%

23% 25%

Northern IrelandGuide to Later Life – brought to you by Mortgage Introducer 10

26%

26%

36

Source:Source: Key Key

1% 2% 4% 4% 5% 7% 7%

No No Wa Sco Yor We No

Infographic

G IN NUMBERS UK Equity Release Market Monitor | Half Year 2019

Source: Key Equity Release UK Equity Release Market Monitor

Popular uses of equity release Popular uses of equity release

64%

32%

Home and/or garden improvements

30%

Go on holiday

Pay debts (e.g. loans, credit cards)

UK Equity Release Market Monitor | Half Year 2019

28%

20%

10%

Regional summary of equity release Gifting to family or friends

Clear outstanding mortgage

Help with regular bills

Regional summary of equity releaseFocus – Rebroke Highlights

64% Area

Value

released equity to pay East Anglia £120,719,724 for home and/or garden East Midlands £112,671,720 improvements

4% London

£296,605,415

North East

£36,621,276

North West in the£116,978,468 increase number

Ireland choosing £10,267,058 ofNorthern customers toScotland rebroke £66,706,473

Percentage Change 2019 on 2018 0% -1% -1% 7% 14% 26% 3%

So far in 2019, there has been a 4% increase in customer’s to ‘rebroke’ their Percentage Average Average choosing Average YoY Av. ER Number Average Change Value Customer Property House Price equity 5% of Plans release plan from 1% (H1 2018) to LTV % (H1 2019). With rates as low as 3.21% (15 2019 on 2018 Released Age Value Var.

July 2019) and equity release lenders increasingly bringing new and innovative products to market, those who took out an equity release plan a few years ago are increasingly 1,739 8% £69,436 24% 70 £283,677 5% considering this option to save money or release additional funds.

1,802

0%

£62,536

25%

71

£255,142

5%

2,012

12%

£58,135

27%

71

£217,637

8%

27%

69

£179,050

3%

29%

70

£196,801

4%

Across all equity release customers, funds are typically used to make home 2,332 3% 22% £576,947 improvements (64%) and£127,182 gifting (28%) to help pay for 72 a significant life event (i.e.-1% wedding) or property investment ladder with8% 661 11% £55,410 (assisting 28% a child onto 69the property £198,758 a gifted deposit). Other popular reasons include: (these are in no particular order).

• Large family holiday 210 16% £48,779 • Pay for university fees 1,187 -2% £56,192 • Purchase a car for a loved one

South East

£476,225,894

-1%

South West

£177,700,067

2%

Wales

£65,317,525

23%

1,141

23%

£57,256

27%

70

£213,891

0%

West Midlands

£123,929,707

19%

1,953

20%

£63,447

26%

71

£240,951

6%

Yorkshire & Humberside

£79,241,905

11%

1,431

11%

£55,365

25%

71

£225,582

4%

£1,682,985,231

3%

22,126

6%

£76,064

24%

71

£318,571

2%

Total

Highlights for Wales

£65m Total lending

5,422 1% £87,832 £391,756 2% Anecdotal evidence suggests that other22% categories of71 equity release usage such as paying off debts clearing mortgages (20%) have wider family 2,235 -1% (30%) and £79,497 24% 72 may also £334,637 11% benefits potentially reducing stress and worry levels surrounding debt in retirement.

Regional focus – Wales Guide to Later – brought to you in byWales Mortgage Introducer TheLife average value released (£57,256) is relatively modest by comparison to11 Source: Key some other regions. 4The average age for those releasing equity in the region is 70, one year younger than the H1 national average of 71. The region’s appetite for equity release has grown year on year with growth in the number plans as well as in lending.

Interview

A PROMISING

FUTURE

Simon Thompson, group chief executive of Key Retirement Group, discusses how equity release is on the cusp of the mainstream market and predicts activity for 2019 and beyond Where do you think the later life lending market is going?

Factors such as the ageing population and longer retirements funded by shrinking pension pots means that the later life market lending will continue to grow. Customers can now choose from equity release, Retirement Interest-Only mortgages (RIOs) and standard residential products with higher age limits. Equity release is becoming more flexible than ever before with lower rates, more innovation and more opportunities for advisers to help their customers find the right product for their circumstances. However, I think we still need to do some growing up as a market as the later life lending field is not level. With some brokers able to discuss all products and others only able to provide support on a limited number, my concern is that you may find identical customers taking out different products as they phoned one number rather than another. This needs to change.

said, until we get people to consider the value of their homes at retirement – in the same way we see people routinely remortgaging or taking out an ISA in April – I would still suggest that we have a way to go.

What areas of growth do you see for advisers?

There are approximately 20.5 million over-55s in the UK. They are a generation of homeowners who understands the value of advice and while they have better pension savings than the younger generations, they also have more retirement aspirations and arguably financial pressures than their parents. Equity release can not only be used to help younger family members get on the property ladder but also to fund care needs and repay interest only mortgages. There is a huge opportunity for advisers and mortgage brokers to step up to help clients meet their needs.

Has later life lending finally entered the mainstream?

In summary, how has Key Retirement Group found business over the past year?

I think it is on the very cusp! Increasingly people are thinking about how they use their largest asset – their property – in later life and they are also realising that the dream of repaying your mortgage before you retire may not be a reality. That

It is hard to ignore the fact that the current economic and political environment has impacted on consumer confidence and the wider property market. That said, after an excellent end to 2018, while the equity release market has not been as

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buoyant in 2019, as a Group, we have continued to see positive results. Our adviser (Key) has continued to outperform the market, our lender (more 2 life) is vying with against Legal & General and Aviva for top spot and the service provider (AIR Group) continues to grow strongly. We have a complementary portfolio of businesses in the Group and increasingly will look to support customers, brokers and providers in whichever way they want to access and participate in later life lending.

What opportunities are there in the market?

I think there is huge potential in the market but we need to focus on realising this and ensuring that people understand the benefits of using housing equity in later life. I know that when we speak to advisers, they are surprised about the flexibility that the products offer and that the rates are currently as low as 3.20%. If advisers who are financial educated are surprised, then ordinary consumers are likely to be even more unaware of their options. As a Group, we are keen to grow the market and have spent considerable time and resource working to do this. While the Key advert may not be to everyone’s taste, we’ve found that it has attracted new people to the market and is memorable.

How important is technology in this sector? Is technology used enough?

Dealing with a customer base that is over-55, we need to be careful about how we use technology.

Some love the opportunity to book a surveyor via text while others need more support. It is very much about ensuring that we provide clients with the support that they need. That said, as a group, we are keenly aware that technology can make it easier for our advisers to do their jobs and spend quality time with their customers. We are currently working on some system changes which we will be able to discuss in more detail in autumn.

Aside from the need for education and outdated perceptions, what other challenges are facing this market?

To pick up on a point I raised earlier, I think that the market could benefit from more joined

ď ľ

5

Interview

up thinking. If as an adviser, you have CeMAP and provide advice on residential mortgages, later life mortgages and retirement interest only mortgages, you will get customers who might find that equity release is a better option for them. How do you deal with this – especially if you don’t know the market? I don’t think there is appetite in the market for one exam as equity release is a specialist area but I would like to see more information included in CeMAP so advisers can identify customers and refer with confidence.

Within the retirement space, vulnerability is a very hot topic.

What impact does this have in the equity release market?

As I mentioned, our customer base is over-55 and while being older does not necessarily mean that you are vulnerable, it does mean you are potentially more likely to be vulnerable. This is an issue that we take very seriously across the group and we are committed to ensuring that we treat cus-

tomers not only fairly but with compassion. You can’t say, Mrs Smith is vulnerable so we will walk away, you need to consider how we can help her.

What are your predictions for 2019 and beyond? Will the market continue to grow?

Yes! If you set current market conditions aside and look at the basic growth drivers of the market which is insufficient pension savings, significant housing wealth and a growing desire to manage the former with the latter, then the market has to grow.

Will 2019 be a smooth year? Current economic and political uncertainty has dented consumer confidence and I think it will be a challenging year and one that forces businesses to focus on looking to achieve more. In 2018, we saw £4bn worth of equity being released and when you consider the trillions of pounds that the over-55s have locked up in bricks and mortar, I can see it doubling in the next few years. 

“Despite a widely documented housing shortage, recent data reveals that there are more homes being built now than seen in a long time”

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Equilaw

STOP, LOOK,

LISTEN Listening is key for a smooth customer journey

A

s widely reported, an unprecedented level of homeowners released equity during 2018. Last year, a record £3.84bn was raised by 83,000 homeowners aged over 55. Yet this figure could surpass £5bn in 2019 as recent figures published by the Equity Release Council showed the strongest start to any year on record proving, beyond doubt, that unlocking property wealth by equity release has become an integral option in later life planning.

Matthew Taylor relationship manager Equilaw

Best interests Considering the estimate that half of all UK adults (+25 million people) have showed signs of potential vulnerability, it follows that equity release advisers will increasingly encounter potentially vulnerable clients. Therefore, how do you: Act in the best interests of your client?

Protect your professional position?

Enable a smooth transaction?

A frequent consideration we see at the outset eve, on an believe, rely on rely on of the process, is whether clients have mental caelationship p ness relationshippacity to enter into a lifetime mortgage contract and whether they are doing so of their free will? ccountability. ability.

If a client does not have mental capacity, consider whether the use of Power of Attorney (“POA”) is appropriate.

If you are unsure about a client’s mental capacity, whEquilaw Ltd is which Ltdiswhich is it is important that a professional medical opinion is sought, whether this be a letter from a ed ulated uthorised and regulated and regulated GP or a full private capacity assessment.  Guide to Later Life – brought to you by Mortgage Introducer

17

Equilaw

A POA will be required where a client has lost mental capacity, and is unable to understand the mortgage contract.

If one has already been granted, we will need certain documentation before being able to proceed to completion.

We will require the original LPA, medical proof of incapacity and evidence of what the funds are going to be used for. This is to comply with lender requirements, and to also ensure the homeowner client is protected.

Long process If a POA hasn’t been granted and the client has already lost capacity, the future attorney will need to apply to the Office of Public Guardian (“OPG”) to seek a deputyship and court order. This process can often take months to complete, and once granted, the court order must specifically mention the ability for the attorney to apply for a lifetime mortgage.

We deal with a lot of cases that cannot progress due to this, and therefore have to be referred back to the OPG, causing more delays.

If a client has capacity, they may still be vulnerable. We need to look at their personal circumstances to assess this: short-term issues, such as a recent bereavement, loneliness or financial hardship but also long-term factors, such as serious health issues or a communication impediment.

When acting for potentially vulnerable clients, it is important that we are told about any of the above factors at instruction.

For example, we have had instances where capacity concerns have presented themselves, only for us to find out later in the process that the client is very hard of hearing; providing a simple explanation as to why we had struggled to speak to them over the phone.

Being told about this at instruction would have highlighted the difficulty from the outset and allowed us to make adjustments in our handling of the client.

Third party involvement is also important to flag at instruction.

Details of the third party (who they are and their relationship to the client), and background information explaining the need for their involvement is vital for us to understand.

An over-involved third party can often be a duress related warning sign to us, especially one who seeks to benefit from the equity release.

18

Our standpoint is avoid using third parties if possible, as we have duty of care to our client and, above all, must act in their best interests.

However, as long as we understand the need for a close family member to be involved in the process (i.e. to help with paperwork/liaise with us to arrange a face to face meeting), we can work together to ensure a smooth and stress-free process.

We would also encourage you to further explore the use of funds and consider whether these make sense in relation to the client’s circumstances if

“A frequent consideration we see at the outset of the process, is whether clients have mental capacity to enter into a lifetime mortgage contract and whether they are doing so of their free will” you have any concerns surrounding vulnerability.

If there is a gift element, any suggestion of pressure from a third party could be a potential red flag. If the initial advance (or unchecked drawdown facility) is large, the risk to all parties naturally becomes higher.

Ultimately, our biggest recommendation is to relay any vulnerability concerns to us at instruction, so we can manage expectations or gather what we need to complete the case.

Too often these concerns aren’t notified at the outset, but will present themselves at some point during the process, resulting in the file being put on hold while we satisfy ourselves that the client does have capacity and is not under undue influence.

Solving problems This is the standard that we, as solicitors, have to achieve to sign the Equity Release Council documentation, comply with SRA regulations and help protect the many equity release stakeholders involved in the process.

At Equilaw, our expert lawyers are experienced at solving problems with these types of cases, whilst also protecting you and your client. With the above guidance in mind, we can work together to achieve a smoother customer journey. 

Guide to Later Life – brought to you by Mortgage Introducer

Equilaw

REGULATION AND

LATER LIFE Helping those most in need

N

obody wants to single out the sector for unwarranted criticism; far from it. At least it already has a mechanism in place for identifying vulnerable clients.

Nevertheless, a clearer understanding of vulnerability and of the extra care that is needed when dealing with these clients must be prioritised if this process is to be truly effective.

Indeed, a training tool has already been launched by Just Group and the Society of Later Life Advisers to help cross-sector advisers identify and support vulnerable customers; the first of its kind.

However, the founder of TFS Mental Capacity Assessors, Tim Farmer, has warned of the difficulties that advisers face in assessing vulnerability, even after training, due to its fluctuating nature; switching from “potential vulnerability to vulnerable to being highly vulnerable” on a dayto-day basis.

As a result, he has recommended that advisers get to know (their clients) better (thereby accentuating the desirability of face-to-face advice) and use a third party assessor to counter any claims or challenges that arise later.

On this basis, the equity release sector could (arguably) be regarded as being in a better place to meet the challenges of the FCA consultation than some other financial industries, with customers already obliged to seek independent legal advice, and to consider a range of alternative options, before they are allowed to proceed with a

Matthew Taylor relationship manager Equilaw

regulated loan. Moreover, if the industry was to consider the compulsory use of Lasting Power or Enduring Power of Attorney documents to strengthen existing precautions, it could actively protect vulnerable homeowners from a potential loss of mental capacity and ensure that any release of equity is done for the right reasons and in a correct legal manner.

Meanwhile, given the stifling levels of scrutiny that the industry has had to endure over the years (both from the FCA and assorted media sources), there is an argument for suggesting that the selfregulatory counter measures which the industry has already undertaken have raised standards to a level which (within this context at least) far exceeds other sectors.

Indeed, this is a highly sensitive issue and one that needs to be handled with care, yet with a degree of investment and application there is absolutely no reason why equity release advisers shouldn’t assume a leading role in the treatment of vulnerable clients and propel an already booming sector to the forefront of mainstream financial products. In short, advisers should see the FCA consultation as an opportunity.

Guide to Later Life – brought to you by Mortgage Introducer

19

The Later Life Lending Symposium will give you thorough insight into the later life lending market, and how to market your services to the appropriate audience.

ÂŁ1,0s 0Co0ok

Guest speakers include Hodge Lifetime, The Equity Release Council and more.

Th o m a h e r vouc

at to be won t each even

F R E E T O AT T E N D

EVENT 1

EVENT 2

EVENT 3

Thursday 12th September

Thursday 19th September

Thursday 26th September

Avonmouth House, Elephant & Castle, London

Chateau Impney Hotel & Exhibition Centre, Droitwich

Haydock Park, Newton-le-Willows, Merseyside

Book your place now, visit

advisers.more2life.co.uk/later-life-lending-symposium (limited spaces available)

Sponsored by

CML1071 Symposium A5 Ad.indd 1

26/07/2019 08:58

more2life

HOW HOUSING WEALTH CAN HELP With a generation saddled with debt later life lending can help

T

he role of the financial services industry in helping over-55s achieve financial security and stability has never been greater than it is today.

For the third year in a row, we have commissioned research from the Centre for Economics and Business Research (CEBR), to better understand attitudes towards debt among the over 55s.

The results paint a clear picture of rising debt levels and lower income streams among retirees.

This combination of factors means many are facing difficult ongoing decisions about how to manage their income, assets and outgoings during retirement; a period of time that is now longer than ever before.

It is here that the later life lending sector specifically can play a vital role. As over-55s look for financial solutions to combat shortfalls in pension provisions, pay off debt and manage the 

Dave Harris chief executive more2life

“While a growing number of older people are carrying secured and unsecured debt into their retirement as part of a deliberate asset management strategy, more are doing so to simply make ends meet” Guide to Later Life – brought to you by Mortgage Introducer 08:58

21

more2life

escalating cost of everyday living, now is the time to highlight the continued possibilities of housing wealth in helping to meet these challenges faced.

The timing of this report from more2life has never been more significant. Our research has found that not only are many people facing significant financial challenges in retirement, but forecasts suggest that by 2029 the total value of debt for people aged 55+ will reach £548bn.

While a growing number of older people are carrying secured and unsecured debt into their retirement as part of a deliberate asset management strategy, more are doing so to simply make ends meet.

The report shows that income levels are continuing to fall with age, with many 65-74 year olds estimated to have just £3,100 left at end of the year to save, invest, or use for future spending.

This is the second lowest amount of income left after expenditure of all age groups, after the under 30s age group, and adds credence to the belief held by almost half of over 55s (48%) that they do not have enough savings to cover an unexpected £5,000 bill.

A number of factors are driving these rising debt levels. As first-time buyers are getting on the property ladder later and house prices have significantly increased over the past 15 years, mortgage debt has also risen.

This has resulted in not only higher mortgage values that borrowers are spreading over a longer period, but people carrying mortgage debt beyond traditional retirement age.

Similarly, the number of people who own more than one home has also increased, with figures published by the Resolution Foundation in 2017 showing one in 10 British adults own a second property. This increased by 1.6 million to 5.2 million between 2000 and 2014, an overall increase of 30%.

The Cebr research also reveals that 14% of households over the age of 55 still have a mortgage on their property, with 68% of these individuals having a repayment mortgage and 23% worryingly an interest-only mortgage.

Of those homeowners aged 65 to 74 who are still paying off a mortgage, the average amount owed is £120,000. This is higher than the average for 55 to 64 year olds (£113,000) and for those aged 75 to 84 (£78,000).

Although the research shows that the number of interest-only mortgages have fallen over the six 22

years from 3.2 million in 2012 to 1.7 million in 2017, these retirees may face considerable financial strain when the final capital repayments are due should investment plans underperform or there be no plan in place.

These worrying trends illustrate the relative importance of housing wealth-based products, like equity release, in helping people to relieve budgetary restraints and provide greater financial freedom during their retirement years.

The findings of this report also serve as an important reminder that more work needs to be done to ensure that the potential role of property

“The Cebr research also reveals that 14% of households over the age of 55 still have a mortgage on their property, with 68% of these individuals having a repayment mortgage and 23% worryingly an interest-only mortgage” is considered when older people are planning retirement. Ignoring property wealth is no longer an option when more older people are forced into unsustainable borrowing.

While the vast majority of people hope to be debt free in retirement, holding debt need not be a problem if they are able to access financial products that meet their needs. Using housing wealth can help to address these issues in an effective and affordable way by helping them to unlock the equity stored in their home in order to repay the outstanding loan.

The industry needs to work collectively to break down the perceived barriers and develop products that are attractive, flexible and meet the needs of an increasingly diverse population. It needs to promote the message that wealth-based housing products can provide the financial stability that many older people are in desperate need of.

The retirement landscape is changing; people are spending longer in retirement than ever before and the later life lending industry must ensure it does all it can to offer products that meet the changing financial needs and circumstances of today’s retirees. 

Guide to Later Life – brought to you by Mortgage Introducer

CML

PRODUCT SPECIFICATIONS more 2 life have been leading the way in modern retirement lending since opening in 2008. By designing flexible lifetime mortgages to meet the changing needs of today’s over 55s, we have cemented our name as an innovator in the market.

Our lifetime mortgages are flexible because of the range of features and extras we offer, which can provide your clients with added protections, peace of mind and extra cash.

CAPITAL CHOICE

Plan features & extras

MAXIMUM CHOICE

PRIME CHOICE

TAILORED CHOICE

Partial repayments Clients can repay up to 12%* of the initial loan, ERC-free each year Inheritance protection This feature allows your client to protect of percentage of their property’s future value as an inheritance, as long as they don’t take the maximum loan offered

**

Downsizing protection After a period of 5 years once your client’s loan completes, they can repay their loan ERC free if they wish to move to a property outside of our lending criteria ERC exemption In joint cases, the remaining borrower can repay the loan within 3 years of the death or admission into long-term care of the other Fixed early repayment charges Fixed ERCs ensure that, should your client incur any ERCs, they will always be of a known cost Cashback An extra lump sum can be paid to your client in addition to their loan on applicable plans *Dependent on plan |

**Lump sum plans only, capped at 50%

For any further advice, please contact our adviser support team,

03454 500 151

info@more2life.co.uk

This is intended for intermediaries only and has not been approved for customer use.

All information correct at time of going to press, August 2019. Registered in England No 5390268. more 2 life is authorised and regulated by the Financial Conduct Authority. CML1077 (08/19) © more 2 life 2019

CML1077 M2L Product Specifications A5.indd 1

05/08/2019 13:05

super celebrating

service

We’re Celebrating Super Service at Pure Retirement We’re proud to share our award winning service with you through the Lifetime Mortgages and support we provide, as super service is something to be celebrated

Bespoke Marketing Support Second to None Our skilled marketing team is on hand to create and deliver a wide range of marketing materials for you.

The Sector’s best Distribution Team Face to Face BDM’s and dedicated Relationship Managers offering award winning service to you and the customers you represent.

Underwriters always on hand Our underwriting team are always available to speak to, taking the time to answer any case queries you may have.

0113 3660 599 www.pureretirement.co.uk For intermediary use only Pure Retirement Limited, 3175 Century Way, Thorpe Park, Leeds, LS15 8ZB Company registered in England and Wales No. 7240896. Pure Retirement Limited is authorised and regulated by the Financial Conduct Authority. FCA registered number 582621.

Pure Retirement

ADAPTING TO THE CUSTOMER Getting the products right will improve customer experience

A

s the market continues to grow at its current rate, it’s more important than ever to understand our customers and their developing habits. Take their online habits for instance – did you know that the fastest-growing demographic among Twitter users is grandparents, with a 50% year-on-year increase in the number of over-65s using social media in 2018 compared to the year prior?

Similarly, while those in upper age ranges prefer tangible and print-based media and information sources, those aged 50-59 are most likely to get their information from online sources which again points to a change in the habits of the later life sector’s core audience.

It’s part of a wider pattern which strongly suggests that the stereotypical profile of the slippers and pipe retiree has very much become a thing of the past.

A glance at the wish lists of those entering later life points towards a demographic who are increasingly viewing retirement as an opportunity to fulfil lifelong ambitions of travelling, learning new skills and enjoying the finer things in life.

The fact that walking football is the fastest growing sport in Britain at present - in addition to the popularity of veterans’ athletics - also demonstrates that we’re arguably also witnessing a generation of retirees who are more active than ever before.

With those approaching, or who are already

Paul Carter chief executive Pure Retirement



Guide to Later Life – brought to you by Mortgage Introducer

25

Pure Retirement

“As the wider market continues to grow and more people explore later life lending we’ve got an opportunity to finally erase the stigma some people still have surrounding equity release – whether that’s through product innovation, technological solutions or traditional customer service methods and standards” at, retirement age embracing technology and having a greater understanding of its possibilities, it’s perhaps more important than ever that the later life lending sector embraces technological solutions to help them achieve the retirement they seek, whether that technology be adviser or customer-facing.

We’ve recognised the importance of enabling advisers with access to market-leading tools, and we’ve also sought to give advisers greater convenience when it comes to case management, which is why earlier this year we launched the market’s first broker-facing mobile app. An intuitive platform, it allows advisers to review cases, as well as offering a clear indication of the next stages of application and what - if any - input is needed from the adviser or client.

In addition, a number of other technological avenues exist to ease the application process for both advisers and consumers.

The rise in SMS-based surveyor appointment booking is a case in point, with consumers now able to control a part of the process to suit their needs, reinforcing the manner in which later life lending is empowering them in their retirement.

Similarly, from an adviser perspective the rise in powerful sourcing tools such as Iress and (the Pure-sponsored) AirSourcing has made it more time-effective than ever for advisers to find the best products for their clients, giving them easy access to a wealth of tools and details to help make an informed decision at a time when there are more products and plans available than ever before.

The later life sector’s clientele are adapting to 26

modern living at an unprecedented rate and we owe it to them to do likewise in our own activities, whether that’s through products which manage to remain suitable to customers’ needs or through technological developments that make the process as straightforward as possible for all involved, and we’re more committed than ever to delivering those developments, for the benefit of both our advisers and our end-point customers.

At Pure Retirement, we abide by the mantra ‘service made possible with technology, made meaningful by people’ and view our ongoing innovation as an extension of our wider marketleading service offering.

As the wider market continues to grow and more people explore later life lending we’ve got an opportunity to finally erase the stigma some people still have surrounding equity release – whether that’s through product innovation, technological solutions or traditional customer service methods and standards.

The sector has the ability to continue growing the market and providing retirement solutions for ever-more people, but only if we collectively use the tools available to us to continue providing customers with best possible experience. 



Guide to Later Life – brought to you by Mortgage Introducer

For financial advisers only. Not approved for customers.

the just for you

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We’re continuing to transform the Just For You Lifetime Mortgage to make it simpler, broader and better. Now, it’s even easier to meet more of your client’s later life borrowing needs.

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Call our support team for a quote today on 0345 302 2287 www.justadviser.com Just is a trading name of Just Retirement Money Limited. Registered Office: Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey RH2 7RU. Registered in England and Wales Number 09415215.

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30/07/2019 15:42

Just Group

NOW IT’S PERSONAL Tailored solutions are creating more lifetime mortgage clients

E

lectric cars were on sale a decade ago but who was interested? Few were prepared to overlook high buying costs and poor range for the pleasure of driving a choice of two mainstream models – the modest Mitsubishi i-MiEV hatchback or the tiny Smart Fortwo electric drive.

Fast forward to today and, well, wow! Electric cars are chic, sexy and more practical than ever before. From City runabout to load-lugger, MPV to SUV, luxury saloon to supercar, car buyers are more likely to be asking not if, but when do I go electric?

It may not stir quite the same passion, but the lifetime mortgage market has been undergoing its own quiet revolution in consumer choice, with Just Group introducing flexible new terms designed to meet the varying aspirations of the 21st century retiree.

Powerful forces are reshaping the retirement income landscape. Returns on cash deposits and bonds often favoured by retirees are at historically low levels. Life expectancy has risen while pension reforms have added both choice and complexity, putting more responsibility on individuals to make good choices to ensure their wealth can sustain them through what for many will be a long retirement.

Whilst this has been going on, low interest rates have helped support rising property prices which is good news for older people due to their high levels of home ownership. Owner occupier 

Peter Borley director of lending – retirement lending, Just Group

Guide to Later Life – brought to you by Mortgage Introducer 15:42

29

Just Group

rates have risen over recent years to 89% for couple households where both are over state pension age and 64% for single households.

Property makes up a significant share of overall wealth. Official figures (2014-16) show median property values were £190,000 for singles over SPA and £250,000 for couples. That compares to median pension wealth of £100,000 for those aged 55-64 and perhaps contemplating retirement, and £70,000 for those aged 65+ and likely to be already retired.

Given relatively modest pension resources, property is set to provide a secondary source of cash in later life for an increasing number of people. Retirement planning and products will increasingly focus on utilising property in addition to pensions and other wealth to meet long-term needs and aspirations.

Of course, advisers working in the real world know that no-one is average. We all have our own unique financial and family situation, our own particular goals and aspirations. House values vary widely and so do attitudes towards how best to use our wealth.

There tend to be three main drivers among those seeking to release equity – to pay for major purchases such as holidays or home improvements, to offer financial support or provide gifts to family members, and to pay off existing debts.

Using housing equity to provide a top up to pension income is often overlooked.

Like all modern consumer products, the lifetime mortgage continues to develop to offer greater choice and scope for personalisation with less need for buyers to compromise. For example, we pioneered the medically underwritten product offering more scope to release equity depending on medical history and lifestyle factors.

In 2018, in conjunction with Saga, we launched a regular drawdown product giving customers access to monthly drawdowns.

The launch earlier this year of our ‘Just For You’ lifetime mortgage solution offering market-leading flexibility, was another major step forward.

Our aim has been to provide a single solution with a range of options, allowing financial advisers greater scope to tailor the plan to meet the unique needs of each client.

Among the new features are a choice of interest servicing options of up to 100% of the monthly interest amount, allowing borrowers who can afford to make monthly payments to manage how 30

quickly interest is added to the overall loan. Customers choosing an interest-serviced option can also take a payment holiday of up to three months in each policy year.

Uniquely, the interest rates are tiered – the higher the percentage of interest serviced, the bigger the reduction to the roll-up interest rate.

This gives an incentive to repay some or all of the interest which, over the lifetime of the loan, can lead to huge savings because it gives the opportunity to slow or even stop the rise in the loan as interest compounds. Those not paying interest can still make overpayments to reduce the amount of capital outstanding.

“Lifetime mortgages have become one of the most exciting parts of the financial services market.

We have an ageing population of property owners and an increasing desire for people to maintain their lifestyles through retirement” ‘Just For You’ is built on the idea of ‘one product, many solutions’ because of the flexibility to meet a wide range of needs whether that is to access the most cash possible up front or to release more modest amounts through staged withdrawals.

Many of the improvements are incremental, for example, in recent days we have reworked our offer of cashback to allow clients to borrow exactly the amount they need and no more. We’ve also extended a wider LTV offering into Northern Ireland and offered more scope for clients to take on lifetime mortgages on non-standard dwelling such as sheltered accommodation and mixed residential-commercial property.

Lifetime mortgages have become one of the most exciting parts of the financial services market. We have an ageing population of property owners and an increasing desire for people to maintain their lifestyles through retirement.

Historically low interest rates, increasing competition and choice are helping to create a buyers’ market.

Naturally the latest electric supercar will grab your attention, but don’t let that blind you to the lifetime mortgage revolution. 

Guide to Later Life – brought to you by Mortgage Introducer

JRL

For financial advisers only. Not approved for customers.

the just for you Lifetime mortgage

Product specification overview The Just For You Lifetime Mortgage has been designed to provide customers with an initial lump sum, plus options to take a cashback, take extra amounts in the future and service monthly interest.

Product details Maximum Loan to Value (%)

J1

J2

J3

J4

J5

47.0

51.0

54.5

56.5

55.5

Cashback

Up to 5% of initial advance

Cash facility option

3

3

3

3

3

Service monthly interest

3

3

3

3

3

Medical enhancement

7

7

7

7

3

£800,000 England, Wales and Scotland Maximum loan / facility

£250,000 Northern Ireland

Not available

Minimum age at application (youngest life)

55

Maximum age at application (youngest borrower in the case of a joint application)

• No maximum age if not servicing interest.

• Maximum age of 80 if servicing interest.

• £10,000 without servicing interest.

• £20,000 with servicing interest.

Minimum advance Minimum property value

£70,000, £100,000 for ex-local authority houses

Legal fees

Customers pay their own legal fees

Reduced interest rate for servicing interest Customers who decide to pay some or all of the monthly interest amount benefit from a reduction to the roll-up interest rate. The higher the percentage of interest paid each month, the greater the reduction to the roll-up interest rate.

Reduced roll-up interest rate

Up to 0.30% reduction depending on the percentage of interest paid each month.

Payment amount

£25 to 100% of the monthly interest amount.

Payment date

1st or 15th of each month fixed at outset.

Payment holidays

• Customers can request one payment holiday of up to three consecutive months in each 12 month period after completion.

• The monthly interest not paid during the payment holiday will be added to the loan and roll up on a compound basis.

For further information please email: support@wearejust.co.uk or visit our website: justadviser.com Just is a trading name of Just Retirement Money Limited. Registered Office: Vale House, Roebuck Close, Bancroft Road, Reigate, Surrey RH2 7RU. Registered in England and Wales Number 09415215.

Just Retirement Money Limited is authorised and regulated by the Financial Conduct Authority.

Calls may be monitored and recorded, and call charges may apply.

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30/07/2019 15:37

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