The tool is now live on its platform and is available to all users at no additional cost
Mortgage criteria fintech Knowledge Bank has integrated Air’s Later Life Navigator tool into its platform to enhance support for advisers in the later life lending market.
Air’s Later Life Navigator tool, designed to help advisers discuss affordability with clients, is now part of Knowledge Bank’s platform, enabling advisers to analyse affordability, compare borrowing costs across mortgage types, and provide tailored advice to clients.
The tool includes considerations for standard residential mortgages, retirement interest-only (RIO) mortgages, and lifetime mortgages, with plans for expansion to include new products introduced by lenders.
“The Navigator tool puts affordability at the beginning of the advice process for older borrowers to establish the right route before checking criteria and is in keeping with Consumer Duty requirements,” said Nicola Firth (pictured left), founder and chief executive of Knowledge Bank.
“It will ensure that all types of later life lending products are included in the scope of early discussions with clients by building a detailed picture of their client’s ability to make payments. It also allows advisers who aren’t equity release qualified to safely have the initial conversations around the possibilities with their clients and if appropriate, refer the case on.
“This integration underscores our commitment to empowering advisers with the tools and insights they need to navigate the intricacies of the later life lending market effectively. By combining Air’s expertise with Knowledge Bank’s industry-leading criteria search system, we aim to streamline the advisory process and elevate the level of support available to advisers and their clients.”
Paul Glynn (pictured right), chief executive of Air, said the integration of their Navigator tool into Knowledge Bank signifies a major step forward in advancing the standards of advice and support within the later life lending sector.
“By providing advisers with a comprehensive suite of tools and information within the Knowledge Bank platform, advisers can make well-informed decisions and guide clients through the complexities of later life lending with confidence,” Glynn added.
“This partnership sits at the heart of our Comprehensive Conversations movement, which aims to better support the over-50s customer with their complex needs – through the use of technology to aid advice processes and, in turn, enable advisers to provide better customer outcomes.”
The Navigator tool is now live on the Knowledge Bank platform and is available to all users at no additional cost. The launch comes a week before Air’s Later Life Lending Conference at Silverstone on June 13, where further announcements about technology in the advisory process are expected.
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