LiveMore comment on today's Later Life Mortgage Lending figures

28 November 2024

Simon Webb, managing director of capital markets and finance at LiveMore, commented:

“The Q3 2024 later life mortgage lending figures paint an increasingly positive picture for older borrowers, with sustained growth quarter-on-quarter in residential loans. The £5.2bn advanced this quarter marks a 9.7% year-on-year increase, reflecting a growing recognition of the financial needs and aspirations of borrowers aged 50 and over. When compared to Q2’s £5bn and Q1’s £4.3bn, the consistent uplift in lending volume is a testament to the sector's resilience and evolution.

“The recent All Party Parliamentary Group (APPG) report on the Financial Conduct Authority's treatment of mortgage prisoners further underscores the need for tailored solutions in the market. Thousands of over-50s remain stuck on high-cost loans, often due to traditional affordability criteria that don’t account for their financial realities. This is a deeply concerning issue, with far-reaching effects on borrowers’ financial, physical, and emotional well-being. At LiveMore, we take our responsibility to this group seriously. Many of our customers previously believed they had no options, but we’ve helped them access fairer, more sustainable products. The LiveMore Mortgage Matcher® helps brokers identify suitable solutions for borrowers at term-end or those feeling trapped on high rates. By addressing these challenges head-on, we aim to provide a pathway to financial stability and peace of mind for borrowers, enabling them to achieve their life goals.”