The total value of new later-life loans was 17.5% higher than the same quarter a year earlier, UK Finance said.
The number of new loans handed to older borrowers was 8.3% higher in the second quarter of 2024 than a year earlier, according to a later-life mortgage-lending report.
Higher mortgage rates may mean that some borrowers stretch their mortgage terms out for longer, although people may need to weigh up the potential impact on their retirement plans.And 326 retirement interest-only mortgages were advanced, up by 23% annually. With a lifetime mortgage, monthly payments are not required. The mortgage is repayable upon the death of the last remaining borrower or when the last remaining borrower moves into long-term care.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: “Property prices have risen much more strongly than many of our savings and unless you’ve been able to squirrel away a decent nest egg or have the support of family, then raising that all-important deposit is extremely difficult.
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