Mortgage Advice Bureau – Later Life Broker nomination

Mortgage Advice Bureau (MAB) is the UK’s most recognised mortgage broker brand. The service our advisers deliver has earnt us over 150 industry and consumer awards as well as a Feefo rating of 4.9 out of 5 (from over 5,000 reviews). Our success is also proven in our exceptional business growth with an average of 20% year on year growth for over the last ten years.

The wealth and later life propositions are closely linked and headed up by Steve Humphries who has over 20 years’ experience in these two sectors.

To meet growing demands from the over 55’s population, many of whom are looking to release equity from their homes, this year MAB formed an exclusive strategic partnership with Key Group.

As part of the MAB Later Life proposition, Key Group will provide its market-leading infrastructure and expertise to advisers along with, best in class technology, product choice, compliance support and training, enabling MAB to widen its products and services.

MAB will only offer an Equity Release/ Later Life licence to advisers that only advise in this area rather than it being an add-on to their current mortgage and protection licences. So far, 32 of our 1500+ advisers have been authorised, with MAB offering lead flow support to ensure they become highly experienced specialists.

Proposition headlines:

  • Customer facing digital advice platform ensuring consistent and greater customer outcomes
  • Comprehensive, fully compliant sales process collateral supporting a great customer experience
  • Consistent approach ensuring all options are fully discussed and reviewed appropriately (mortgages, RIOs and lifetime mortgages)
  • Full customer updates for every step from initial appointment confirmation through to case completion
  • No ‘Dabblers’ – advisers are full time ‘Specialists’ to guarantee a high level of knowledge and skill in this sector
  • Three-week adviser induction course to ensure the highest level of knowledge and consistent customer outcomes
  • Complete ongoing adviser development programme delivered through webinars, seminars, roadshows and workshops
  • Simplified range of feature rich products from leading providers

The launch of MAB Later Life will significantly grow MAB’s wider market share and means we can now provide financial support throughout a customer’s whole lifecycle. The visuals below highlight this and by wrapping our proposition with first-class technology, we nurture customers at each stage.

Our equity release strategy ensures all customers are given the correct advice. This means considering all options including Retirement Interest Only Mortgages, Lifetime Mortgages and Home Reversion Plans.  Specialist advice is a key differentiator, and later life lending represents a clear opportunity to service new customers and extend relationships with existing ones.

In terms of the sales process, we strongly recommend to customers that the adviser meets with their close family to ensure all interested parties are aware of the steps the customer is about to take. For customers preferring a Lifetime Mortgage, we also ensure they are fully aware of the drawdown facility available to them instead of taking a lump sum at outset. To ensure a consistent customer journey and outcomes, all meetings are recorded for quality assurance.