UK Finance Later Life Mortgage Lending stats - Comment from Ben Waugh, more2life

28 November 2024

“The latest figures for Q3 reveal a healthy market for overall later life lending, and it’s clear we are seeing growth as a whole with Q3 at £5.2bn being the highest since Q2 2022. From this it’s possible to show that later life lending is a growth sector and with a range of new options available to these borrowers, particularly in the lifetime mortgage space such as Interest Reward or lower/zero ERCs, it’s vitally important advisers are able to offer access to all these product solutions. Consumer Duty has shifted the dynamic and we need to move to a point where customers naturally secure advice on all potential product options and where all advisers are able to deliver a positive outcome based on full accessibility to these options. The tools, support and resource are readily available for advisers who have not yet moved into this space, and clearly with the statistics showing a growing later life lending space opportunity, there are clear financial benefits to ensuring all options are on the table for all borrowers over the age of 55.”