Lifetime mortgages are increasingly being used by wealthier homeowners, according to More2life research.

The firm said this reinforces the need for consumers to be informed of the full range of later life lending options.

Analysis of More2life’s new business volumes shows that 16% of lifetime mortgages completed in Q2 2026 were taken out by homeowners with properties valued at £700,000 or more, up from 15% during the same period last year.

The data also reveals that 7% of new lifetime mortgages completed during the quarter were secured against properties worth at least £1 million.

The findings challenge the perception that lifetime mortgages are primarily used by homeowners with lower-value properties and suggest the market is continuing to broaden as more consumers incorporate property wealth into their retirement and later life financial planning.

According to More2life’s data, the average property value among new lifetime mortgage customers increased to £463,650 in Q2 2026, up 3.3% year-on-year.

The figures also suggest that lifetime mortgages are increasingly being considered by homeowners across a wide range of property values, circumstances and financial objectives.

More than four in 10 (41%) new lifetime mortgages completed during Q2 were taken out by owners of detached properties, an increase of 3% on the previous quarter.

Homeowners living in semi-detached properties accounted for a further 33% of new plans completed, while those living in terraced homes represented 21% of business written during the quarter.

More2life chief executive Dave Harris said: “Our latest data shows that lifetime mortgages are being used by a far wider range of homeowners than many people assume. The fact that one in six new plans are now being taken out by owners of properties worth £700,000 or more demonstrates how the market continues to evolve and attract customers from across a broad spectrum of property values and financial circumstances.

“We’re seeing housing wealth play an increasingly important role in retirement planning, including among homeowners who may traditionally not have considered later life lending solutions. That makes it even more important that consumers are aware of all the options available to them and are supported by advice and referral processes that consider the full range of later life lending products.”