Later life lending falls 11.7%

New UK Finance data has indicated that later-life lending fell by nearly 12% year-on-year.

The data showed that there were 28,840 new loans advanced to older borrowers in Q1, down 11.7% year on year. The value of this lending was £4.3 billion, which was down 8.5% compared with the same quarter a year previously.

The figures also revealed that there were 5,060 new lifetime mortgages advanced in Q1, down 30.1% year on year. The value of this lending was £410m, this was down 31.7% compared with the same quarter a year previously.

There were 284 retirement interest-only mortgages advanced in Q1, up 1.4% year on year. The value of this lending was £28mn, which was up 16.7% compared with the same quarter a year previously.

Residential Later Life loans in Q1 represent 7.9 per cent of all residential loans. BTL Later Life loans in Q1 represent 22.5 per cent of all BTL loans.