Lender data also reveals how they intend to use their equity release funds
Lifetime mortgage lender Pure Retirement has released new data highlighting trends among single female applicants in the equity release market. The findings, shared in recognition of International Women’s Day 2025, reveal that women made up 67% of the lender’s single life applicants in 2024 — an increase from 64% in 2023.
The analysis showed that 38% of new business from single women in 2024 came from homeowners with properties valued between £250,000 and £399,000, while 15% owned homes worth between £400,000 and £549,000. A smalller portion (3%) owned properties valued at £1 million or more.
By comparison, 32% of single male applicants owned properties in the £250,000 to £399,000 range, while 14% fell into the £400,000 to £549,000 bracket. Among men, 4% owned properties exceeding £1 million.
More than half (55%) of single female applicants opted for drawdown lifetime mortgages over lump sum plans, a preference that has remained stable year-over-year. In contrast, 52% of single men chose lump sum plans in 2024, though this figure declined from 60% in 2023.
Among single female applicants, 36% were divorced, up from 32% the previous year. Meanwhile, 38% were widowed, reflecting a 6% decline from 2023. The proportion of unmarried women increased slightly to 20%, compared to 18% the year before.
For single male applicants, 27% were divorced (up from 22% in 2023), while 36% were unmarried — an annual increase of six percentage points. The proportion of widowed male applicants fell to 27%, down from 35% the previous year.
Single women were more likely than men to use equity release funds for home improvements (26% versus 22%) but less likely to allocate funds for debt repayment (22% versus 24%). Women were also less inclined to use the money for purchasing a car (7% versus 10%) but were more likely to gift funds to family and friends — 9% of women cited gifting as a reason, compared to no significant response from male applicants. Spending on holidays remained steady across both groups at 10%.
“The latest findings continue to demonstrate the differing demographic trends (and by extension differing needs) between single life male and female customers in the later life lending space,” commented Suzanne Latimer (pictured), head of mortgage servicing at Pure Retirement.
“This reinforces the need to not only have a diverse range of products suitable for a wide range of circumstances, but also of the need to have holistic and adaptable customer service throughout the lifetime mortgage journey post-completion to ensure continued best outcomes for consumers, regardless of their personal circumstances.”
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