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.
Pure Retirement analyses customer loan trends shaping later life finance
As lifetime mortgages continue to serve a wide range of needs and audiences, it’s important for financial advisers to understand the customer trends shaping the later life finance industry.
Specialist lifetime mortgage provider, Pure Retirement, has analysed loan trends amongst their customers in quarter one of 2024. The new report reveals some interesting insight, including:
- 20% of new equity release customers listed either holidays (11%) or cars (9%) as the primary reason for borrowing (initial advances)
- 26% of lumpsum applicants primarily borrow for paying off debts or mortgages
- Drawdown customers use released funds for lifestyle-oriented purposes, with only 16% repaying debts and mortgages
The report also covers key statistics from the later life finance market as a whole. You can read the full Q1 Equity Release Market Insight report on Pure Retirement’s website here.