Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Later Life Advice Should Focus on Planning, Not Just Products

Dave Harris, CEO of More2life, has called for a more integrated approach to later life financial advice, emphasising the importance of planning over simply recommending financial products. Harris argues that mortgages, pensions, investments, and later life planning have traditionally operated in separate areas of the financial services market, but consumers experience their finances as a whole.

Harris notes that the way consumers enter the market should not limit the financial options they are able to consider. He highlights scenarios such as maturing interest-only mortgages, retirement income pressures, supporting family members, or adapting homes, where the role of housing wealth in a client’s overall financial plan becomes a key consideration.

The Financial Conduct Authority (FCA) is currently conducting a Later Life Mortgages Market Study, examining how standard mortgage advisers and other financial advisers address consumers’ later life lending needs. The FCA is also considering policy options to encourage more holistic advice on housing wealth.

According to the Pensions Commission’s 2026 interim report, around 15 million working-age people are undersaving for retirement. FCA data shows that 830,000 mortgages with an interest-only element remained outstanding at the end of 2024, with maturity peaks expected in 2031 and 2032. Harris points out that these issues—retirement undersaving and mortgage debt—can converge in later life, often alongside significant housing wealth.

For many consumers, housing wealth becomes relevant during mortgage discussions rather than later life lending conversations. Harris stresses the importance of ensuring that consumers understand all available options, including borrowing, selling, downsizing, using other assets, or taking no action, based on a broad assessment of their circumstances.

He also highlights that factors such as vulnerability, health, bereavement, income pressures, family involvement, and care needs can influence financial decisions. Good financial advice, Harris says, should ensure understanding, explore alternatives, and assess suitability in the context of the individual’s situation.

Harris concludes that access to specialist support should not depend on where a consumer first seeks advice. He suggests that at key trigger points—such as an interest-only mortgage approaching maturity or retirement income pressures—mortgage lenders and advisers should signpost consumers to specialist later life advice.