News
New later life lending loans fall by more than a third in Q2 – UK Finance
Around 304,400 new loans were advanced to older borrowers in Q2 this year, a fall of 38.5 per cent year-on-year, figures have revealed.
According to UK Finance, the value of new loans later life lending was £4.3bn, a decrease of 45.7 per cent from the same period last year.
The report also showed that there were 7,170 new lifetime mortgages advanced in Q2, down 43.8 per cent year-on-year.
UK Finance said that the value of this lending was £550m, a fall of 63.8 per cent from the same period last year.
The report continued that there were 265 retirement interest-only mortgages (RIO) advanced in Q2, down 52.3 per cent year-on-year.
The value of RIO mortgage lending was £26m, a decrease of 55.9 per cent from the same quarter last year.
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