Manchester and London brokers trailing on later life advice

Approximately £1.61 billion was released from homes last year, an increase from £29m in 1992, according to the Equity Release Council.

However in both Manchester and London a much larger proportion of brokers don't plan to offer later life products - 35% and 29% respectively.

The CML recently said that it is becoming increasingly important to provide products that cater to the older generation whilst also offering financial advice.

It added that these two areas have been separated for too long, which makes it much harder for customers and brokers to purchase and sell later life lending or equity release products.

Jeremy Duncombe, Director, Legal & General Mortgage Club, said: “With more and more of us approaching retirement, and often without the necessary funds to support later life, many borrowers are now choosing to make use of their most important asset to fund their retirement: their property. With the rise in popularity of lifetime mortgages and other retirement lending products, it is really encouraging to see that a growing number of brokers are recommending these products as a means of funding retirement.

"The task now is to ensure that more advisers are playing their part in offering holistic retirement advice for our ageing population. Achieving this goal will require brokers to provide expert advice and recommend retirement lending solutions to a growing number of customers, so that they can get the most out of later life.”