Phoebus comment on UK Finance later life mortgage lending update, Q3
28 November 2024
Richard Pike, chief sales and marketing officer at Phoebus, said: “Today’s figures should be taken positively. Each quarter this year, we’ve seen rises in the number of new loans advanced to older borrowers. It’s grown from 28,840 in Q1 to 33,480 in Q3. The value of lending is up from £4.3bn in Q1 to £5.2bn Q3.
"While the number (5,830) of new lifetime mortgages sold in Q3 are down 18.8% year on year, there were still more mortgages advanced than in Q2 and Q1 (5,610 and 5,060 respectively).
"We continue to see increasing positivity towards later life lending products in the UK. Undoubtedly the election and the first budget of a new Labour Government has delayed some decision making, but I’d expect now that the market and consumers have a feel for the future, lending levels will pick up more in 2025."
