The value of later life lending was £5bn during the Q2, up 17.5% compared with the same quarter last year, data from UK Finance has revealed.
UK Finance found that there were 32,990 new loans advanced to older borrowers in Q2, up 8.34% year-on-year.
There were also 5,610 new lifetime mortgages advanced in Q2, down 16.9% year on year.
The value of this lending was £470m, down 6% compared with the same quarter in 2023.
There were 326 retirement interest only mortgages advanced in Q2, up 23%.
The value of this lending was £30m, which was up 15.4% compared with the same quarter last year.
In addition, residential later life loans in Q2 represented 7.5% of all residential loans.
Buy-to-let later life loans in Q2 represented 22.2% of all buy-to-let loans.