According to Pure Retirement, this was up from the last quarter as homeowners with high value properties made up 9% of business in Q1. This was also up from the 10% share of business this type of borrower accounted for in Q2 last year.
The lender found that the majority of business came from borrowers who owned properties with a value between £250,000 and £399,999, making up 36% of new business during the quarter. This was similar to levels seen a year earlier and up from 32% in the prior quarter.
In Q2, new borrowers had an average home value of £404,000, continuing a long running trend of Pure Retirement’s customers owning homes worth at least £400,000.
Paul Carter, CEO of Pure Retirement, said: “Seeing such a proportion of business coming from high value property owners – and the fact it’s on an upward trend – only serves to underline the importance of offering later life lending solutions that can cater for a wide variety of circumstances.
“Statistics like this confirm the need for the later life lending market to recognise the diverse array of clients and continue to develop effective solutions to enable as many people as possible to achieve their financial goals. By releasing these figures, we hope to widen adviser understanding of underlying trends so that they’re better placed to effectively serve their clients.”
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