UK Finance has published its later life mortgage lending update for Q1 2025 and it reveals there were 38,510 new loans advanced to older borrowers in Q1, up 33.5% year on year.

The value of this lending was £6.1bn, which was up 42.6% compared with the same quarter a year previously.

There were 5,620 new lifetime mortgages advanced in Q1, up 11.1% year on year. The value of this lending was £530mn, which was up 39.5% compared with the same quarter a year previously.

There were 339 retirement interest only mortgages advanced in Q1, up 19.4% year on year. The value of this lending was £33mn, which was up 17.9% compared with the same quarter a year previously.

Residential Later Life loans in Q1 represented 7.6% of all residential loans; while BTL Later Life loans in Q1 represented 21.5% of all BTL loans.