Advisors encouraged to raise subject of wills by Finova

September 18, 2023 by Brendan O'Neill

Mortgage Advisors

Mortgage advisors are being urged to bring up the subject of wills with people who are in the process of buying a house, with Finova leading this initiative thanks to a new partnership.

The fintech company has joined forces with Sail Willis to integrate the templates for creating wills offered by the latter into the Broker CRM software provided by the former. What it means is that advisors who utilise the software will be able to get access to those templates, which are designed to allow people to create their own wills.

Advisors will have the option of sharing them with borrowers at any stage during the mortgage application process, meaning they can pick a time when they think people will be most receptive. Research has revealed that just 44% of people in the country currently have wills, so this is addressing a genuine issue.

According to Finova, its aim is to get advisors to bring up the subject at a fairly early stage. It has pointed out that asset distribution is an important part of a will, including property. That can be particularly crucial in avoiding a legal quagmire for people who are embarking on joint property purchases.

Matt Harrison from Finova stated that offering these templates would help borrowers plan for the future and help mortgage advisors to meet their Consumer Duty requirements.

Anyone who has done the CeMAP mortgage advisor course will also be aware that it is another potential source of business and revenue for them.