Analysis of market trends by provider Pure Retirement found that over the last three years, the proportion of lifetime mortgage customers aged under 70 years old rose from 36% in 2023 to 55% last year.
Furthermore, a greater percentage of borrowers are using a lifetime mortgage to clear debts or a standard mortgage balance. In 2023, 22% of borrowers used equity release for this reason, growing to 24% in 2024 and 28% in 2025.
Conversely, homeowners at the other end of the age scale – those aged over 80 years old – have more than halved since 2023, declining from 15% in 2023 to 7% in 2025.
Scott Burman (pictured), Pure Retirement’s head of distribution, said the findings indicate lending volumes are being driven by needs rather than wants.
Using equity release for discretionary spending holidays, cars and gifting has declined over the last three years, and this now accounts for between 7% and 9% of lifetime mortgage borrowing.
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Some 57% of new lifetime mortgages in 2025 were taken out on a joint life basis, while 54% were taken as lump sums rather than as a drawdown facility.
Burman added: “Ultimately people, irrespective of age or property value, remain comfortable in releasing equity from their homes to achieve their financial goals once advice has established that this is the right solution and continues to improve the lives of people across the demographic spectrum.”
