The figure is the highest it’s been on both a quarterly and annual basis (both 23%), and overtaking home improvements (23% in Q4 2024) as the most common reason for releasing funds.

One in ten (10%) continue to cite holidays as the main reason for accessing the equity in their home, a proportion that’s remained consistent over the past year.

Gifting and car purchases round out the top five most popular reasons, albeit with reductions in proportions.

The lender’s data also points to a preference toward drawdown plans, which now accounts for 51% of the lender’s new business. While this remains static on a quarterly basis, it represents a 7% annual swing, where only 44% of new business was on a drawdown basis in Q4 2023.

The proportion of customers taking out lifetime mortgages on a joint lives basis has also increased, accounting for 59% of new business in Q4 and representing a 3% rise compared to Q3, and a 1% rise on an annual basis.

The amount of single life business coming from male applicants in Q4 2024 was the highest it’s been over the prior twelve months, at 37%. While still a minority compared to the 63% coming from female applicants, it nonetheless represents a 7% swing from Q3.

Commenting on the study, Pure Retirement chief executive Paul Carter said:“The latest findings continue to demonstrate that the lifetime mortgage customer is constantly evolving, and that as an industry we need to remain proactive in identifying these trends and similarly evolving with them to continue offering effective lifetime mortgage solutions that meet a range of needs.”