In the Spotlight with Catherine Casey, more 2 life

We spoke to Catherine Casey, Sales Manager at more 2 life, about her move into the equity release market and her plans for further intermediary education in the market.

Related topics:  In The Spotlight
Rozi Jones
22nd December 2017
Catherine Casey more 2 life
"Going forward, we will focus on educating intermediaries, having recently upskilled both the Account Managers and the Broker Support team to underwriter level."

FR: With over 15 years’ experience in the financial services industry, how do you see the equity release market evolving over the next year?

My experience has been focused primarily around residential and buy-to-let lending, where the market was starting to feel a little saturated with specialist lenders. The reason I looked to move into the equity release market was the potential for growth. The obvious sector being the number of interest-only customers reaching maturity without a viable repayment strategy. Only a few months into the new role, I have already witnessed several clients at the end stages of repossession proceedings who have found a lifetime mortgage enabling them to stay in and retain ownership of their home, without the worry of repayments into retirement.

There are many other reasons for clients to consider equity release, but for me, helping clients stay in the home they have spent decades paying for is the main motivator. As we see further innovation in the equity release market, and as residential affordability testing becomes an increasing strain with interest rates starting to rise, I believe more advisers will begin to consider equity release as a product offering which should be a part of their holistic financial planning discussions with clients. I have found it surprising how much simpler the equity release process is in comparison to that of the residential mortgage process.

FR: You recently joined more 2 life as a Sales Manager – what do you hope to bring to your new role and what are your goals for more 2 life in 2018?

My initial focus has been reviewing the team structure, and how more 2 life interacts with Intermediaries and customers, having gained feedback. The big question is whether we are adding value. Whilst we have made a lot of progress, there is always room to improve. Going forward, we will focus on educating intermediaries, having recently upskilled both the Account Managers and the Broker Support team to underwriter level. We also now have a mandated underwriter available with the team at all times, for those out of the ordinary pre-sale queries which need a little extra consideration, to ensure we get to the right answer first time round.

FR: What steps can both lenders and brokers undertake to improve the perception of equity release?

Education is key. There has been a lot of negative press in the past regarding equity release however, a lot has changed with recent regulation change and product innovation. For some clients, equity release is a necessity to solve a problem for others, it is part of an inheritance tax mitigation strategy, or the solution to pay for the trip of a lifetime which the client could otherwise not afford.  

FR: What role does technology play in the equity release market and how can lenders/brokers embrace its uses further?

more 2 life was the first lender to create an intelligent portal to submit business and move away from paper applications. We will continue to improve its functionality taking account of intermediary feedback, and are looking at other ways we can innovate to make the process as smooth and transparent as possible for our Intermediaries.

FR: If you could see one headline about the retirement market, what would it be?

It would be great to see a headline around how holistic financial planning is the way forward, including thinking about your options in retirement long before you reach that stage.

With an ageing population, equity release needs to be involved in the conversation from the beginning as it is an extremely viable method of accessing the money older borrowers require. It is vital for more consumers to get specialist independent advice when it comes to retirement lending. By doing so, retirement lending will become a central part of financial planning and ultimately lead to better outcomes for consumers.

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