Pure Retirement have released the following update (see below for details). Full product details from Pure Retirement are available here. Contact our team to discuss any cases or criteria in detail across their full range.
New Profile of the Modern Woman In Equity Release
Lifetime mortgage lender Pure Retirement has analysed its data to determine the profile of the modern, single female applicant in the equity release market.
The data shows that among new customers in 2023 taking out initial loans 64% of all single applicants were women and they used their released funds in the following manner:
- 27% for home improvements
- 20% to repay debts or mortgages
- 10% to give gift friends or family
More than half of the applicants above chose lumpsum plans and their ages were divided like this: 27% were 70-74 years old; 21% were 75-79 years old; 21% were 65-69 years old.
You can view the complete data set with property values and insights from Pure Retirement’s Head of Mortgage Servicing Suzanne Latimer here.