At present, the consumer needs to actively seek advice at the end of the 10-year fixed rate. No bad thing, as there will be a number of options to consider, including downsizing.
However, surely it is not beyond the wit of man to offer a conversion option upfront that enables the consumer, subject to meeting product criteria at the time, to switch from a residential mortgage into a lifetime mortgage should they choose.
I am not suggesting this should be done without seeking advice, but it would be a very neat solution that would enable many of the 4m property-owning over 55s of middle Britain looking for such options, to sleep more comfortably at night.
Simon Little is managing director of Autumn Life Retirement Solutions