Marked Annual Increase in Proportion of Lifetime Mortgage Applications from Married Couples – Pure Retirement

04 December 2024

Nearly six in ten (57%) of new lifetime mortgage applications in H1 2024 came from married couples, according to findings from lender Pure Retirement as part of new research paper launched today, The Evolving Lifetime Mortgage Customer: an exploration of changing equity release demographics.

The report found that this level was a marked increase from the 54% seen over the whole of 2023, but still represents a slight drop from the 2021 high point of 59%.

The lender’s new report traces emerging patterns around demographic trends, aiming to widen understanding of both the current customer profile and how it’s changed over time, and looks at a number of key drivers such as age, property value, marital status, plan type (lumpsum/drawdown), application type (single/joint), and gender distribution among single applicants.

Other key findings from the research include:

• Owners of properties over £850,000 have the highest appetite for drawdown plans of any cohort
• Nearly seven in ten (67%) of single applicants are female
• Nearly six in ten (57%) of applicants in H1 2024 were married

The report can be accessed here

Speaking of the findings, report author and Pure Retirement Communications Manager Gareth Ware says: “We’re pleased to deliver this new research piece to the wider market, helping to highlight how the profile of a lifetime mortgage customer has evolved over a relatively short period of time, and hopefully helping to dispel some myths along the way. The new report also highlights the importance of the effective use of data, and the ways it can enhance understanding to offer appropriate product solutions and achieve best outcomes for consumers.”