A helping hand from Hodge
We’ve launched a campaign to give you the tools you need to do business in the later life lending market.
In January, we surveyed advisers to find out what they’d like to see from us in 2019 and it was apparent support in building and promoting your business is a priority. In response, we’ve launched the Helping Hand campaign which will deliver informative and useful content directly to you.
Business development director, Tony Hall, said: “Hodge has always prided itself on putting advisers at the heart of everything it does which, is why they can expect to receive a personal and tailored service each time they do business with us.
“But that’s not enough, we want to make the whole process as simple and streamlined as possible and that’s what our Helping Hand campaign is all about. Our survey showed 73% of those asked wanted guidance on underwriting criteria, while 60% needed support in marketing their business to the later life market. It’s clear we need to be doing all we can to make life easier for advisers.”
The campaign sets out to deliver tools which should support you in everything from making the most of your own business, to understanding more about the product range as a whole. The first thing we have created, based on over 70% of you asking for it, is an underwriting guide. The guide contains everything from product details for our 55+, 55+ RIO and Retirement Mortgage, how to apply, quick links, guide to affordability, useful tips and much more. You can download a copy of the guide here.
Head of customer propositions and experience, Laura Reid thinks more needs to be done to help advisers unfamiliar with the later life market, she said: “The introduction of Retirement Interest Only mortgages in 2018 signalled a big shift in the later life lending market and one which requires lenders to step up and help advisers decipher which product suits their customer best.
“Historically Hodge has led the way in creating products to suit older borrowers, but where we’ve led others have followed, so we now have a situation where there are more options available but not enough education about which product suits who.”
Over the coming months we will be responding to the clear need for more education about the later life market with a series of guides, videos and infographics.
In addition to the educational resources, we are working hard to improve online services. Advisers are already able to apply for equity release products and to get a Decision in Principle online, and use Hodge’s affordability calculator.
The year ahead will see more improvements to our digital services, all in response to broker feedback and always with the adviser’s needs in mind.