Lender and intermediary trade bodies have jointly published a new leaflet providing consumer information on equity release and other later life products.
The Association of Mortgage Intermediaries (Ami), Building Societies Association (BSA), Equity Release Council (ERC), UK Finance and The Investing and Saving Alliance (TISA) have all worked together on the guide, which looks at all the different advice and product options available to older borrowers.
The organisations behind the leaflet say they hope it will ensure that consumers receive consistent messages from all the main sectors of the industry.
They hope it will help customers find the most suitable products and understand their next steps.
Each trade body will promote the guide online and also by distributing paper copies to consumers who want to find out more about equity release.
Ami chief executive Robert Sinclair says: “We hope that this will be an enduring partnership to assist many who are vulnerable to navigate complex options with basic facts.
“All firms and advisers are free to use this and it is accessible on all the trade bodies’ websites.”
Key chief executive Will Hale says: “The later life lending industry is growing and taking its rightful position in the range of lending options for homeowners.
“However, it can be difficult for customers to fully understand all of their options at the start of their journey which is why this new guide is so valuable.
“At Key, we are considering what role this guide might play as part of our customer engagement process and how it can support our ambition to support a wide range of customer needs.
“With five of the most influential trade bodies in this market banding together to create this insightful piece of work, this is a huge step forward for the industry and hopefully a sign of more collaboration in the future.”