Later life lending piques more interest: L&G

Brokers are becoming increasingly interested in later life lending products, according to Legal and General Mortgage Club.

Data collected by the club shows that 80 per cent of lenders are seeing a rise in brokers looking for later-life products. Furthermore, 52 per cent of lenders stated that lending into retirement was a priority for them.

The figures show that 63 per cent of customers want to unlock equity to support younger family members getting onto the property ladder.

Meanwhile, 41 per cent of consumers intend to unlock equity to improve their standard of living in retirement and 39 per cent in order to pay off existing liabilities, such as interest-only mortgages.

Legal and General Mortgage Club director Kevin Roberts comments: “The retirement lending market continues to grow year-on-year to serve the varied needs and plans of the over-55s.

“People are now borrowing later in life for all sorts of reasons. As an industry, we need to be able to provide consumers with a holistic offering, which encompasses lifetime mortgages and other later life lending solutions.

“Brokers and lenders are clearly recognising the trends in this market and over the last year there has clearly been a big shift in the products available to customers, which is helping more advisers to meet the needs of their older clients.”

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