The average house price value among new lifetime mortgage customers has risen nearly five times as fast as the national average.

The Council now has 762 member firms and 1,848 registered individuals. 

Q3 saw an 8% quarterly rise in existing customers taking further advances to extend their loans.

For the first time, there is a preference for drawdown over lumpsum plans among new customers.

Laura Mason will succeed Bernie Hickman, who leaves L&G after 26 years.

The lender is also reducing selected rates and introducing higher fee and lower rate products.

Over a sixth of regulated mortgage lending in 2023 fell into one or more specialist categories.

The Society has increased LTVs across its later life, lending into retirement and retirement interest only mortgage products.

The change will add £361 a year to the old basic pension and £473 to the new state pension.

Paul Glynn, CEO of Air, underscores the importance of advisers having comprehensive conversations to guide their over-50 clients through the maze of options available to them.