New later life loans rose 18.4% in Q3, according to trade body UK Finance, with 39,950 loans taken out.

The value of this lending was £6.5 billion, which was up 24.7% compared with the same quarter a year previously.

There were 6,040 new lifetime mortgages advanced in Q3, up 3.4% year on year.

The value of this lending was £530 million, which was up 3.9% compared with the same quarter a year previously.

There were 335 retirement interest only mortgages advanced in Q3, up 11.7% year on year.

The value of this lending was £30 million, which was up 11.1% compared with the same quarter a year previously.

Residential later life loans in Q3 represented 7.84% of all residential loans, UK Finance said.

Buy-to-let later life loans in Q3 made up 21.74% of all buy-to-let loans.

Later life lending also saw a boost in Q2 of 2025, with 33,130 new loans were issued to borrowers over the age of 55, up just 0.49% on Q2 of 2024, while the value of lending was £5.2bn, up 3% since the same period in 2024.