Written By:
Christina Hoghton
Posted:
30/08/2024
Updated:
30/08/2024
There were 5,610 new lifetime mortgages advanced in the second quarter of 2024, down 16.9% year-on-year, according to UK Finance.
The trade association said that the value of this lending was £470m, down 6% compared with the same quarter a year previously.
Overall, there were 32,990 new loans advanced to older borrowers during the period, up 8.34% year-on-year and up 17.5% by value to reach £5bn.
Rise in RIOs
There were 326 retirement interest-only mortgages (RIOs) advanced in Q2, up 23% year-on-year. The value of this lending was £30m, up 15.4% compared with the same quarter a year previously.
UK Finance also found that residential later life loans represent 7.5% of all residential loans, while buy-to-let (BTL) later life loans 22.2% of all BTL loans.
Related: House prices, buyer demand and home sales all up in 2024
