Vernon Building Society sees sharp rise in later life lending following later life proposition refresh

19 May 2026

Later life lending increased 215% in Q1 2026, reflecting rising demand for flexible mortgage solutions

Vernon Building Society has reported a significant uplift in later life lending, following last year’s refresh, with Retirement Interest-Only (RIO) products seeing the strongest demand as the Society responds to evolving customer needs.

Q1 later life lending increased by 215% in 2026 compared with 2025, building on strong momentum from 2025, when lending rose by 107% year-on-year versus 2024.

The figures suggest growing broker and borrower appetite for later life lending solutions that can accommodate a wider range of financial circumstances, especially as more clients look for flexible ways to access housing wealth or manage borrowing in retirement.

The average borrower age so far is 71, with the oldest aged 91, highlighting how customers are benefitting from the absence of maximum age restrictions across Vernon Building Society’s Later Life range. These products can also accommodate a variety of income streams, including existing assets and pension provisions on a drawdown basis, even when they are not currently being accessed.

Brendan Crowshaw, Head of Mortgage and Savings Distribution at Vernon Building Society, said:

“We’re seeing strong demand for later life borrowing, and the uplift in RIO, In and Into Retirement applications shows that brokers are increasingly looking for solutions that can flex around their clients’ circumstances. Our refreshed Later Life range was designed to give intermediaries and borrowers more options, with products that are backed by personal underwriting and a case-by-case approach.

“Later life lending is not one-size-fits-all. Borrowers may be supporting family, managing pensions, downsizing or unlocking equity for a range of reasons, and our aim is to provide products and service that reflect that reality. The growth we’ve seen so far this year is encouraging and shows that there is real demand for specialist and flexible lending in this part of the market.”

The strong performance builds on the Vernon’s wider commitment to specialist mortgages and follows the Society’s continued focus on supporting brokers with products that can meet more complex borrowing needs.