Mortgage lending within the UK housing market has changed in the last few years to reflect the changing population based on age. According to the latest research by the Intermediary Mortgage Lenders Association, home owners beyond the age of 65 have increased more than 50% during the last two decades. Conversely, the age of the population of those over the age of 65 in general has increased only 28%. Growth within this area is expected to increase at an accelerated rate in the coming years.

Mortgage lending has been going through a transition for the ageing population of home owners. The IMLA is now calling on financial advisors to make an effort to deviate from traditional advice to seniors whilst discussing the types of mortgage lending they should be obtaining as they age whilst still maintaining a home. This, in turn, is creating a new line of mortgage lending products offered by lenders.

Home owners beyond age 55 now hold almost 70% of the entirety of the UK housing market equity. By the year 2030, the mortgage debt held by retirees will amount to double the current amount.

Improved features offered by lenders like partial repayments and drawdown facilities is creating a more substantial bridge between mainstream financial mortgage products and entering later stages of life. This is making it easier for seniors by offering them additional lending products which are just now available.

As more seniors enter later life stages, additional mortgage lending products will come on board. Utilising innovation, lenders will make an effort to keep pace with the population in which it serves.