Later life borrowing - New mindsets: Old silos

New research undertaken for the Council of Mortgage Lenders in conjunction with the Building Societies Association (BSA) says that it is vital to adopt a more joined up approach to delivering advice to older borrowers, and to narrow the gap between mainstream lifetime mortgage advice silos.

Households headed by individuals aged 55 or over form a significant part of the market numbering approximately 11.8 million (46% of all households), with over 55s holding £6.4trillion of wealth and £2.5trillion of property wealth.

And with lending to older borrowers growing in 2016, driven by remortgages, equity release and lifetime mortgages, this report sets out to explore how the advice process could be strengthened for households wishing to borrow.