Air has announced the launch of its new Later Life Lending Navigator, which has been designed to support advisers as they discuss affordability with their clients.

Part of Air Sourcing, the Navigator will initially consist of two different tools. The first focuses on using top level affordability considerations to help narrow down the range of potential products which may be suitable for the client. The second will allow advisers to easily compare the total cost of borrowing across lifetime mortgages (repayments and no repayments), residential mortgages and retirement interest-only mortgages.

From launch, the tools will cover considerations around Standard residential mortgages, RIOs and lifetime mortgages. Air will continue to develop and refine the tool using feedback and support from members and partners, adding further product categories as new variants are launched by lenders.

The Navigator tools put affordability up front in the advice process and, in keeping with Consumer Duty requirements, will ensure all types of later life lending products are included in the scope of early discussions with customers.

Advisers can build a detailed picture of their client’s ability to make payments and, given all-new products within the later life lending arena offering some provision for ad hoc or ongoing repayments, the tool will also guide product choice and ensure that all options are fully discussed as part of the advice process.

Paul Glynn, CEO of Air, said: “The later life lending market is evolving, and affordability is becoming an increasingly important consideration for many customers keen to manage their borrowing. Consumer Duty, the proliferation of new and emerging products as well as the higher interest rates, have all pushed this issue to the top of the agenda.

“Air is therefore delighted to launch its Later Life Lending Navigator tool, which it has built with input from members, partners and lenders who are keen to help more formally integrate these important considerations into their advice process. Providing personalised advice which stands the test of time is the aim of every adviser and these tools will help our members to deliver against this ambition.”

Emma Graham, business development director at Hodge, added: “We feel honoured to have been part of the discussion and development process for the Navigator. It will help advisers discuss the full suite of options available to customers who can afford to make payments, and will compliment the tools and products offered as part of our range.”