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'Difficult retirement spending choices' as older borrower mortgage lending jumps

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Mortgage lending to older borrowers jumped in the first quarter of this year, according to figures from a banking and finance industry body.

The figures from UK Finance provide a quarterly insight into mortgages taken out by borrowers over the age of 55, covering “mainstream” lending to older borrowers, as well as specialist products such as lifetime mortgages.

Some 38,510 new loans were advanced to older borrowers in the first quarter of this year, marking a 33.5% annual rise.

The value of this lending was £6.1 billion - a jump of more than two-fifths (42.6%) compared with the same quarter a year previously.