Later Life Lending Market set to Almost Double in the Next 10 Years
Industry News | 28/06/19
New research from the Centre for Economics and Business Research (Cebr) commissioned by equity release lender, more 2 life, has revealed that the later life lending market is set to almost double in size over the next decade. By the end of 2019, lending is expected to reach £295bn – rising to more than half a trillion (£548bn) by 2029. This amounts to an 85% increase over a decade, suggesting that while the amount of debt is continuing to grow at a worrying pace, it has actually slowed down slightly. In 2014, over-55s owed £200bn and are predicted to hit £397bn by 2024 – a 98% increase over a 10-year period.
Source: Mortgage Finance Gazette
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