Key Group has redesigned its later life advice service so that brokers can recommend lifetime mortgages, retirement interest-only and standard residential products as part of a single process.

Advisers at Key Equity Release and its whole-of-market business, The Equity Release Experts, will now be able to consider a wider range of mortgage options for older borrowers alongside each other, without referring customers to separate teams.

The advice process will continue to consider whether borrowing is appropriate before recommending a mortgage, including looking at alternatives such as using other assets or downsizing.

Customers can also be referred for specialist advice on debt, pensions, care funding and short leases.

Previously, customers would be referred to Key’s internal mortgage desk or partner Mortgage Advice Bureau if a mainstream mortgage was more appropriate.

The group says the new model is intended to reduce the need for referrals and allow advisers to consider more borrowing options during the same appointment.

Key is partnering with Mortgage Brain to research mortgage products not covered by its Air later life lending platform.

The changes follow a pilot and phased roll-out, with advisers receiving additional training on fact finding, different mortgage types and sourcing systems.

Key Equity Release chief executive Will Hale says: “For a number of years we have adopted a holistic approach across all our advice channels ensuring that, irrespective of the scope of our advice proposition, customers are made aware of all available options and are referred to specialist teams where appropriate.

“This further evolution to holistic advice within a single advice appointment is in our view now essential in the later life lending market. It improves the customer journey, strengthens our advice, and supports better outcomes.

“Product innovation and the broad range of profiles among over-55 customers looking to access their property wealth, or manage mortgage debt, in later life means that product-siloed advice is a major risk to delivering consistently good customer outcomes.

“Customers don’t think in product silos.

“They simply want the solution that best meets their needs delivered through a journey free of unnecessary friction.”