Mortgage brokers know better than anyone the changing nature of debt in the UK and in particular the growing trend for individuals to arrive at retirement with outstanding mortgages or other debt.
Many banks and building societies are also beginning to realise that within their interest-only portfolios lies a lifetime mortgage portfolio waiting to happen.
Add to this the several hundred thousand households who have taken out an equity release plan and you have a large and growing pool of people who require ongoing servicing of their debt well into retirement.
This is a sector often overlooked by marketing departments determined to find the next new client. More and more customers are destined to leave debt to the next generation as is more normal in countries like Switzerland.
Our industry can help by ensuring that clients are regularly reviewed, particularly those that have schemes which can be switched at little or no cost after a pre-determined period.
Clients may want to draw a further sum or at least you will please the next generation who will no doubt be grateful for your efforts to minimise the debt repayable on death. Lifetime mortgages need a lifetime of servicing.