The company has also seen a 15% rise in its workforce headcount year-on-year up to the end of July and the number of customer-facing staff has increased by 50% over the same time period.

Customer numbers up to July have grown 23% over the past 12 months, while total lending has risen 19% between January and July when compared to the same time period last year.

Paul Carter, chief executive of Pure Retirement, said: “Given the tough landscape that has faced us all, it’s gratifying that as business we’ve not only demonstrated resilience but also the determination to grow and best serve our customers’ needs.

“The latest milestone underlines and validates our commitment to first-class service levels, market-leading products and technological innovation, and also reinforces what a fantastic team we’ve got, continually working to ensure we remain a leading presence in the equity release market.”