Phoebus comment on UK Finance later life mortgage lending report
29 August 2024
Richard Pike, chief sales and marketing officer at Phoebus, said: “While today’s figures for Q2 2024 initially look a bit disappointing, with new loans down by 8.34% year on year and new lifetime mortgages down 16.9% year on year, they are in fact an improvement on last quarter’s figures.
“Last quarter there were only 28,840 new loans advanced to older borrowers compared to 32,990 this quarter. Similarly for new lifetime mortgages, those figures are up from 5,060 last quarter to 5,610 in Q2.
"We’re seeing strong foundations for continuing growth in later life lending, which will be further helped with lower interest rates and better deals. I think we’ll see more and more innovation in this sector as lenders work hard to gain market share.”
