Around 12% of new lifetime mortgage plans taken out in Q2 had been by owners of high value properties, with a value of not less than £700,000, a later life lender discovered.
According to Pure Retirement, this was up from the final quarter as owners with high value properties made up 9% of enterprise in Q1. This was additionally up from the ten% share of enterprise one of these borrower accounted for in Q2 final yr.
The lender discovered that almost all of enterprise got here from debtors who owned properties with a value between £250,000 and £399,999, making up 36% of new enterprise in the course of the quarter. This was much like ranges seen a yr earlier and up from 32% in the prior quarter.
In Q2, new debtors had a mean residence value of £404,000, persevering with an extended working pattern of Pure Retirement’s clients proudly owning properties price not less than £400,000.
Paul Carter, CEO of Pure Retirement, stated: “Seeing such a proportion of enterprise coming from high value property owners – and the actual fact it’s on an upward pattern – solely serves to underline the significance of providing later life lending options that may cater for all kinds of circumstances.
“Statistics like this affirm the necessity for the later life lending market to recognise the varied array of purchasers and proceed to develop efficient options to allow as many individuals as attainable to realize their monetary objectives. By releasing these figures, we hope to widen adviser understanding of underlying traits in order that they’re higher positioned to successfully serve their purchasers.”
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