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Interview with Louise Baker, mortgage broker at My Sort of Loan
We caught up with experienced mortgage broker, Louise Baker from My Sort of Loan. We discussed her journey with equity release and how products like the Optional Payment Lifetime Mortgage are giving her clients more flexibility. Louise shared her motivations for getting qualified, convincing her director to follow suit, and carving out a successful equity release division within the business.
"Over the course of my career, I’ve been lucky enough to work within great financial institutions. I’ve gained invaluable experience across several areas including mortgages, investments, pensions, wills and insurance.
When the pandemic hit, like many other businesses, we knew we needed to diversify our services. I’d seen first-hand how equity release had served real purpose to friends and family. This led me to research the products in more detail and get my qualifications."
"As an industry, it’s evolved significantly. Knowing that the Equity Release Council (ERC) is there to regulate these types of products is huge. Not only does if give the customer peace of mind, but for advisers like me entering the market, we’re confident we can offer fit-for-purpose solutions without the risk of the client ever losing their home."
"One of the best features of the OPLM is that the interest rates are fixed for life. For a lot of people, their mortgage repayments can be their biggest outgoing. Being able to reassure the client it’s fixed is brilliant, particularly during times of uncertainty."
"Many of our equity release clients are choosing the product as a vehicle to repay their first charge mortgage, pay off credit cards and consolidate debt. By doing so with a lifetime mortgage, their biggest asset is safe."
"Oh my gosh, I’d encourage everyone to do it. I’d love to be able to grow this part of our business. We’ve seen first-hand how impactful the right advice combined with the right products can make people feel financially secure when they reach a certain age.
The fact that people are so thankful at the end of the process makes it all the more worthwhile. This is an industry that’s not without its challenges. Shifting past perceptions and educating people who never knew these types of products existed is no easy feat. Yet, with products offering greater flexibility for the client, it’s a no brainer to get qualified."
We have a wealth of information available on our website. From product summaries and key documentation, to technical case studies to support your client conversations.
A lifetime mortgage is a loan secured against your client’s home.
Our Optional Payment Lifetime Mortgage enables your client to pay some or all of the monthly interest by Direct Debit, from as little as £25 a month.
The product is suitable for clients aged 55 and over, and is usually repaid when the last remaining borrower dies or moves into long-term care.
You client should think carefully before securing debt against their home. There may be cheaper ways to borrow money.
To understand the experience of advising on a Retirement Interest Only Mortgage (RIO), we spoke to Phil Small of HQ Mortgage and Finance.
For many people aged 55 and over, the road to retirement looks a little different to how it did a decade ago.
Some of your clients may think downsizing is the only way to boost their finances in retirement. They may not realise a lifetime mortgage could help.
This website is designed to give professional financial advisers information and tools that they can use to help control and develop their business and should not be relied upon by private investors or any other persons.