LiveMore comment on today's Later Life Mortgage Lending figures

29 August 2024

Simon Webb, managing director of capital markets and finance at LiveMore, commented: “The latest figures have shown a 17.5% downturn compared to the same quarter in 2023 and continues the downward trend that started in the latter half of 2023. This is concerning for both older borrowers and the housing market as a whole. This decline suggests that many older homeowners are facing increasing challenges in accessing the finance they need to support their later years.

“This decline is particularly worrying considering our ageing population, with over 20 million people currently over 55. Interest-only products can be a lifeline for these individuals, but it is clear from these figures that many are unaware of their eligibility and options. This not only limits their financial flexibility but could also exacerbate issues like pension shortfalls or the ability to cover unexpected expenses.

“For lenders, this is a crucial moment to reassess how we can innovate and adapt to meet the evolving needs of an aging population, ensuring they are not left in a financially vulnerable position. At LiveMore, we remain committed to working closely with borrowers and financial advisers to provide solutions that are tailored to the unique needs of older homeowners.”