10 Skyline | Edition 3 | Winter 2021
The coronavirus pandemic has obviously had an immeasurable impact on all our lives but , for me , the consumer group upon which it has most shone a spotlight is the elderly .
Richard Merrett
Head of Strategic Development SimplyBiz Mortgages
From a health and mortality perspective , they are the ones who statistically have been at far greater risk ; there have been obvious issues and challenges for the care system , as well as the impact on their mental health , in having to remain isolated from family and friends due to being categorised as potentially vulnerable to the virus .
We have all had to adapt our way of life , but having been in the painful position , one I am sure everyone with elderly relatives has been in , of having to walk my parents and in-laws through how to get on a Zoom call or hear them talk about FOGO ( fear of going out ) even after being fully vaccinated , merely emphasises the isolation and vulnerability many of this group will have felt recently . For many older people , the pandemic will have changed their view on life and therefore , potentially , had a huge impact on their financial objectives ; whether that be to adapt their lifestyle , fund care , move house to be closer to the family they have missed . Some have even passed a living legacy on to loved ones to enable them to buy a home amidst the purchase rush the Stamp Duty holiday created , where many borrowers were locked out of the market without family assistance .
There is estimated to be somewhere in region of £ 3.8 trillion ’ s worth of equity locked up in the homes of over 55s so , given this potential for a monumental shift in the mindset of a generation with regard to lifestyle and finances , is it now time to focus on how they can utilise this asset in an appropriate manner to support their financial and family goals ?
At SimplyBiz Mortgages , we certainly believe this is the case and therefore , it was with great delight that during 2021 , we launched our Simply Later Life in partnership with AiR proposition , as part of a wider strategic relationship with Key Group , to assist Members who offer valued advice to potential older borrowers . This is something that would have gone ahead without the pandemic but , the timing feels very appropriate given the fact that later life lending can offer many solutions for the changing requirements of older customers .
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