Later Life Mortgage Lending

Latest Data - Q2 2023

Published on 29/08/2022

Key data highlights:

• There were 30,400 new loans advanced to older borrowers in Q2, down 38.5% year on year. The value of this lending was £4.3bn, which was down 45.7% compared with the same quarter a year previously.
• There were 7,170 new lifetime mortgages advanced in Q2, down 43.8% year on year. The value of this lending was £550mn, which was down 63.8% compared with the same quarter a year previously.
• There were 265 retirement interest only mortgages advanced in Q2, down 52.3% year on year. The value of this lending was £26mn, which was down 55.9% compared with the same quarter a year previously.
• New residential lending where the term extends into retirement (where main borrower turns 65) now accounts for around 60% of the total residential lending.
• Residential Later Life loans in Q2 represent 7.5% of all residential loans. BTL Later Life loans in Q2 represent 23.7% of all BTL loans.