"It will help advisers bring to life the positive impact that making payments can have on the total cost of borrowing."
Later life lending platform, Air, has launched a new retained equity and repayments calculator to help advisers clearly illustrate the benefits of making repayments on their equity release borrowing.
The new tool allows advisers to personalise the approach to each customer by specifying loan and repayment amounts, as well as the impact of any further borrowing on the final total owed and remaining equity in the property.
The calculator is also available on request for firms to white label and host on their own websites to encourage customers to access this as part of the initial research process.
Paul Glynn, CEO of Air, said: “Equity release products are more flexible than they have ever been with the ability to manage borrowing in the current higher interest rate environment a paramount consideration. Therefore, we are delighted to launch our new retained equity and repayments calculator which one adviser who tested it dubbed “game-changing” as it will help advisers bring to life the positive impact that making payments can have on the total cost of borrowing.
“With later life lending products like equity release becoming increasingly actively managed, these types of tools are a step forward and advisers should be using these types of illustrations as a matter of course within the advice process. An informed engaged customer is more likely to receive the good outcomes they need.”
