Vernon Building Society has reported a significant uplift in later life lending, following last year’s refresh, with retirement interest-only (RIO) products.

First quarter later life lending increased by 215% in 2026 compared with 2025, building on strong momentum from 2025, when lending rose by 107% year-on-year versus 2024.

The figures suggest growing broker and borrower appetite for later life lending solutions that can accommodate a wider range of financial circumstances, especially as more clients look for flexible ways to access housing wealth or manage borrowing in retirement.

Commenting, Vernon Building Society head of mortgage and savings distribution Brendan Crowshaw said: “We’re seeing strong demand for later life borrowing, and the uplift in RIO, In and Into Retirement applications shows that brokers are increasingly looking for solutions that can flex around their clients’ circumstances.

“Our refreshed Later Life range was designed to give intermediaries and borrowers more options, with products that are backed by personal underwriting and a case-by-case approach.

“Later life lending is not one-size-fits-all. Borrowers may be supporting family, managing pensions, downsizing or unlocking equity for a range of reasons, and our aim is to provide products and service that reflect that reality. The growth we’ve seen so far this year is encouraging and shows that there is real demand for specialist and flexible lending in this part of the market.”