A total 35,840 new later life loans were advanced to older borrowers in Q4 2024, a level up 28.2% on last year, new UK Finance figures have revealed.
The value of this lending reached £5.6bn, which was up 38.6% compared with the final quarter of 2023.
According to the banking trade body’s latest data, there were 5,700 new lifetime mortgages advanced in Q4, a figure up annually by 6.7%. The value of this lending was £510m, which was up 24.4% compared with the same quarter a year previously.
UK Finance also revealed that 343 retirement interest-only mortgages were advanced in the quarter, up 35.6% on Q4 last year, with the value of this lending reaching £35m, up 34.6% annually.
Residential later life loans in Q4 represented 7.8% of all residential loans, while buy-to-let (BTL) later life loans represented 21.8%.
Managing director of capital markets and finance at LiveMore, Simon Webb, commented: “It’s encouraging to see later life lending on the rise, reflecting both growing borrower demand and increased awareness of the role later life lending can play in financial planning.
“As a lender dedicated to serving the over-50s, we’re also seeing strong growth, with more homeowners looking for flexible mortgage options that align with longer working lives and evolving retirement needs.
“The market must continue to adapt to ensure older borrowers have access to the right products, enabling them to make the most of their financial future.”
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