According to the latest UK financial data, the number of mortgages collected by older borrowers reached 35,840 in the fourth quarter of 2024, up 28.2% from the previous year.
UK financial data shows the loan was valued at £5.6 billion, an increase of 38.6% compared to the same period last year. 
5,700 new lifetime mortgages went 2019 year-on-year in the last quarter of the year, up 6.7% per year.
The loan was valued at £510 million, an increase of 24.4% compared to the previous year's quarter.
In the fourth quarter, only 343 retirement interests were advanced in mortgages, up 35.6% from the previous year.
The loan was valued at £35 million, an increase of 34.6% compared to the previous year's quarter.
The fourth quarter mortgage represents 7.8% of all mortgages, while the fourth quarter lifetime loan purchases (BTL) represents 21.8% of all BTL loans.
“We're looking forward to seeing you in the process of exploring the world,” said Jim Boyd, CEO of the Equity Release Council. “It wasn't as buoyant as some people were hoping for in 2024, but the work that undertakes on product development, systems and engagement will be invaluable as we move into 2025.”
“The market is round the corner and there is a real source of optimism about what we can achieve this year.”
“Even if interest rates start to fall and are higher than targeted inflation, the recent decision in February should start building consumer confidence.”
“If the growth we see in 2024 gains momentum, we expect more customers to be used to considering accessing housing equity to support a diverse range of needs.”
Simon Webb, managing director of capital markets and finance at Livmore, commented:
“As lenders dedicated to services for people in their 50s and above, we also see strong growth, with more homeowners looking for flexible mortgage options that suit their longer working lives and retirement needs.”
“The market must continue to adapt, ensuring older borrowers have access to the right products and make the most of their economic future.”
Richard Pike, Chief Sales and Marketing Director at Phoebus, added: “The increase in late loans announced by UK finance this morning reflects the feedback we receive from our account service clients, clearly indicating both the increased demand for borrowers and the increasing importance of this sector within the broader mortgage market.”
“For those who live longer and face more complex financial needs, these products offer important solutions to those looking to unlock wealth in their property.”
“Today's growth is a positive sign for the broader lending market, indicating an increasingly reliable and resilient consumers in the lending market. Providers continue to innovate to meet the needs of older homeowners, ensuring that responsible lending remains a priority.”
