The analysis also found that the proportion of single female applicants continues to rise, reaching 70% in Q3. This compares to 67% in Q2 and 64% at the same point in 2023.
Loan usage patterns have remained relatively stable over the past year, with the top five uses of funds largely unchanged. However, the lender noted distinct differences in how drawdown and lump sum customers utilise their funds.
Lump sum customers are more likely to release funds for needs-based reasons, with 31% citing this motivation — double the rate seen among drawdown customers and a 4% increase from last year. Meanwhile, 15% of drawdown customers used funds for holidays, a trend that has remained consistent, while holidays have not featured among the top five uses for lump sum customers in 2024.
“These latest figures continue to underline the importance of effectively using data to fully understand customers, so that in turn we, as a sector, can continue to deliver best outcomes for them,” said Paul Carter (pictured), chief executive of Pure Retirement.
“The increasing levels of activity among younger and single female applicants, as well as the divergent usage patterns among lumpsum and drawdown customers, highlight the diverse audience lifetime mortgages has continue to serve throughout 2024, providing exciting opportunities for the market going forward.”
