Hodge has seen a doubling in the share of applicants using 50+ lending to fund home improvements.

The lender says that the proportion of borrowers using its retirement interest-only (Rio) and 50+ mortgages to renovate their homes has jumped from 12% to 22% in the three months to September, compared to the previous three months.

It has also recorded a drop in the number of people using funds to give money to a relative, from 10% to 5% over the same period.

Hodge business development director Emma Graham says: “It’s great to see that the 50+ mortgage remains a popular product that clients are finding useful for all sorts of financial reasons.

“The uptake in the number of customers using 50+ and our Rio products to make home improvements in the past year just goes to show how homeowners are using the funds and the flexibility of these products to improve their surroundings and make them work better for them at this stage of life.

Graham adds: “What is good to see from this data is that customers are using our products for different reasons at different times and stages of their lives – from family gifts when times are tight, to refurbishments when they are spending more time at home.”