There were 38,510 new loans advanced to older borrowers in Q1, up 33.5% year on year.
This is according to official UK Finance data which shows that the value of this lending was £6.1 billion, 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 £530m, 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 £33m, up 17.9%.
Residential Later Life loans in Q1 represent 7.6% of all residential loans while BTL Later Life loans in Q1 represent 21.5% of all BTL loans.
Later life lending is defined as mortgages taken out by borrowers over the age of 55.
