In Q2 nearly one in eight (12%) new lifetime mortgage plans were taken out by owners of high value properties, research from Pure Retirement has found.
This represents a marked quarterly uptick, with this demographic accounting for 9% of the lender’s business in Q1 of this year.
Additionally, it’s an increase from the 10% seen in Q2 2024.
The lender also found that the majority of business came from owners of properties in the £250,000 to 399,000 range, accounting for nearly four in 10 (36%) of new business in Q2, up from the 32% seen in Q1 and on a par with what was seen in Q2 of last year.
The findings also saw a quarterly average house price among new customers of over £404,000, continuing a longstanding trend of the lender seeing an average property values sitting at over £400,000.
Paul Carter, CEO of Pure Retirement, said: “Seeing such a proportion of business coming from high value property owners – and the fact it’s on an upward trend – only serves to underline the importance of offering later life lending solutions that can cater for a wide variety of circumstances.
“Statistics like this confirms the need for the later life lending market to recognise the diverse array of clients and continue to develop effective solutions to enable as many people as possible to achieve their financial goals.
“By releasing these figures we hope to widen adviser understanding of underlying trends so that they’re better placed to effectively serve their clients.”
