Lifetime mortgage lender Pure Retirement has analysed its data to establish what the modern, single life applicant woman now looks like within the equity release space, given that in 2023 they made up 64% of all single life applicants.
The provider has done this to mark International Women’s Day and its themes of inspiring inclusion and forging women’s economic empowerment.
It found that, among new customers in 2023 taking out initial loans, 27% of applicants were aged 70-74, with 21% aged 65-69 and the same proportion aged 75-79 – additionally, women made up 64% of all single life applicants last year, with 56% of them then opting for a lumpsum plan rather than a drawdown. 48% of applicants were widowed, while 31% were divorced and 16% were unmarried.
When it came to the property values of female applicants in 2023, 39% owned homes valued between £250,000 and £399,000, with an additional 16% owning homes of between £400,000 and £549,000 in value.
Among female single life applicants, 27% used released funds for home improvements in 2023, with 20% releasing equity to repay debts or mortgages, and 10% electing to gift to friends or family.
Suzanne Latimer (pictured), Pure’s head of mortgage servicing, said: “This latest data highlights the diverse range of female equity release applicants over the past year, in much the same way that we’ve seen in the lifetime mortgage customer profile as a whole.
“While there’s been considerable research around the retirement provision gulf among men and women, property remains a key tool at the disposal of women to access the life they want, and it’s good to see informed consumers electing to access that underlying wealth to achieve their financial goals in later life across a range of circumstances.”