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.

Later life lending is defined as mortgages taken out by borrowers over the age of 55, and UK Finance is the trade body for mortgage lenders.

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 Buy To Let Later Life loans in Q1 represent 21.5% of all BTL loans – a higher than average proportion.