To mark International Women’s Day and its 2025 theme of ‘Accelerate Action’ in relation to gender equality, leading lifetime mortgage lender Pure Retirement has shared new data to provide insights into the profile of modern, single female applicants in the equity release space.
In 2024, 67% of the lender’s single life applicants were women, up from 64% the previous year. The figures show that single women continue to be the dominant group within this sector of later-life lending.
Property trends
Analysis of the data shows that property values among single women have remained stable year-on-year. In 2024, 38% of new business among single female applicants came from homeowners with properties valued between £250,000 and £399,000, with a further 15% owning homes valued between £400,000 and £549,000. Additionally, 3% of business among female single life applicants came from those with £1m+ properties.
In comparison, 32% of male single applicants owned properties valued between £250,000 and £399,000, while 14% fell within the £400,000 to £549,000 range. A slightly higher proportion—4%—of male applicants owned properties worth £1m or more.
Plan preferences and marital status
Single women showed a strong preference for drawdown plans, with 55% opting for this structure over lump sum alternatives. This remained unchanged from 2023. In contrast, 52% of single male applicants in 2024 preferred lump sum plans, though this represented a decline from 60% in 2023.
The marital status of single women in later-life lending also shifted. In 2024, 36% of applicants were divorced, up from 32% in 2023. The proportion of widowed applicants fell from 44% in 2023 to 38% in 2024, while 20% of female applicants were unmarried, an increase from 18% in the previous year.
Among male applicants, 27% were divorced (up from 22% in 2023), 36% were unmarried (up 6% annually), and 27% were widowed (down 8% from 2023).
Loan usage
The data shows distinct spending habits between genders. Single women were more likely to use their released funds for home improvements, with 26% citing this as a reason, compared to 22% of men. Conversely, 24% of men used their equity release for debt or mortgage repayment, compared to 22% of women.
While 10% of both men and women used their funds for holidays, women were less likely than men to purchase a car (7% vs 10%) but more likely to gift money to family or friends (9%). Gifting did not rank in the top five reasons for male applicants.
Industry insights
Suzanne Latimer, head of mortgage servicing at Pure Retirement, said: “The latest findings continue to demonstrate the differing demographic trends (and by extension differing needs) between single life male and female customers in the later life lending space.
“This reinforces the need to not only have a diverse range of products suitable for a wide range of circumstances, but also of the need to have holistic and adaptable customer service throughout the lifetime mortgage journey post-completion to ensure continued best outcomes for consumers, regardless of their personal circumstances.”
