more2life comments on Equity Release Council figures for FY and Q4 2024

30 January 2025

Ben Waugh, Managing Director of later life lender, more2life, comments:

“The later life lending market is looking increasingly positive. After the difficulties and economic challenges of the last few years, it’s enormously encouraging to see lending increase for three straight quarters and the number of active customers to hit levels we haven’t seen since the latter portion of 2023.

“Lenders and providers have worked hard on product innovation, responding to the expectations of the regulator by devising products which represent industry firsts on criteria, as well as acting as a hybrid between traditional mortgages and lifetime mortgages. This creativity has ensured that advisers enjoy a broad range of diverse products which better cater for the individual needs of their clients. The increase in usage of drawdowns, for example, shows that customers are making use of the flexibility these products now enjoy, dipping into their facility as and when necessary. Similarly, customers have far more flexibility should their circumstances change, with a greater breadth of options on early repayment charges, including our own Maxi Zero - the first lifetime mortgage to have no ERCs at all.

“Yet we are still just scratching the surface of what this sector could and should be. It’s vital for advisers and providers to continue working closely, not just to boost product development, but to open up these products to greater numbers of mainstream mortgage brokers who up to now have shied away from the specialist later life market.”