There have been 28,840 new loans superior to older debtors in Q1, down 11.7% yr on yr. The worth of this lending was £4.3bn, which was down 8.5% in contrast with the identical quarter a yr beforehand.
This is in response to the most recent figures from UK Finance which additionally reveals that there have been 5,060 new lifetime mortgages superior in Q1, down 30.1% yr on yr. The worth of this lending was £410m, which was down 31.7% in contrast with the identical quarter a yr beforehand.
There have been 284 retirement curiosity solely mortgages superior in Q1, up 1.4% yr on yr. The worth of this lending was £28mn, which was up 16.7% in contrast with the identical quarter a yr beforehand.
Residential Later Life loans in Q1 symbolize 7.9 per cent of all residential loans. BTL Later Life loans in Q1 symbolize 22.5 per cent of all BTL loans.
LiveMore managing director of capital markets Simon Webb commented: “The newest figures paint a regarding image. There was a lower of 11.7% in loans to older debtors in Q1 2024 in comparison with the identical quarter in 2023. This continues the downward development we witnessed within the latter half of 2023.”
“This decline, regardless of an ageing inhabitants, is especially worrying after we contemplate the potential rise in mortgage prisoners. Interest-only merchandise generally is a lifeline for these people, but many stay unaware of their eligibility and choices.”
