The number of over-65 homeowners has increased by 52% over the last 20 years as homeowners are ageing at a faster rate than the UK population.
According to the latest report from the Intermediary Mortgage Lenders Association, the need to serve a growing population of older homeowners is producing a new generation of mortgage products.
The report has showed that homeowners over 55 now hold a staggering 69% of the UK’s housing equity and the increase in later life lending products is starting to reflect this.
Some of these new products, which offer features such as no maximum age limit or repayment on an interest only basis, are leading to a ‘softening’ of the traditional divide between later life and mainstream financial products.
With the ageing population and a number of later life lending options becoming available, it will come as no surprise to you that lifetime mortgage lending has increased by 29% every year since 2014.
If you think you could benefit from Britain’s later life lending boom, or to simply discuss what options are available to you, contact your adviser today.