How Lending Criteria Shaped 2024’s Later Life Market

The later life lending market is a constantly evolving financial landscape.

For advisers like yourself to ensure client suitability, efficient case management, and application success, knowing the most common lending criteria touchpoints is beneficial.

To help you navigate the 2025 later life lending market, I've reviewed and reflected on 2024's most searched for lending criteria from our online criteria search tool.

2024's criteria search results

I noted over 4,000 criteria searches in 2024 of which the top three search terms were: ‘Flat roof’, ‘flood’, ‘age restricted’*. (*Please note, we can consider ‘age restricted’ properties on our Heritage lifetime mortgages. For best outcomes, please contact our Intermediary Sales Team.)

‘Flood’ and its related searches like ‘flooding’ and ‘flood zones’ dominated 2024's quarter one and quarter two searches, while ‘flat roof’ had consistent momentum throughout the year with it being the second most searched for criterion in quarter one, two and four.

Since searches for ‘flood’ were popular during quarter 1 and quarter 2 in 2024, the Underwriting team created an article exploring how flood zones and climate change affect lifetime mortgage applications. It's an interesting read and provides a general overview of how flood zones relate to our lifetime mortgages.

Quarter three and four saw a shift in searches with ‘age restricted’ properties being the most searched for criterion, and ‘commercial’ properties while ranking fourth in quarter three, has been within the top 10 searches throughout 2024. Other searches in the top 10 throughout the year were ‘lease’ and ‘leasehold’.

To learn more about how proximity to commercial properties impacts lifetime mortgage applications, you can read my previous article exploring this topic in greater detail.

I found it quite interesting that 2024's quarter two recorded the most criteria searches of the year (30.3%), however, the increase in searches in quarter four compared to 2023 was even more intriguing to me.

Diving deeper into Q4 results

2024's quarter four had 40.7% more searches than 2023's. The top five searches in 2024's quarter four were ‘lease’, ‘age restricted’, ‘flat roof’, ‘commercial’ and ‘ground rent’. In comparison, the top five searches in 2023's quarter four were ‘flat roof’, ‘lease’, ‘age restricted’, ‘commercial’ and ‘annex’.

I also noted some interesting searches which didn't have the consistency in numbers, but which are worth being aware of. In quarter four, ‘porting’, ‘heating’ and ‘timber frame’ came up in the searches. As is relatable, the ‘heating’ search confirms how clients' needs are driven by the timing of their application.

Similarly, ‘spray foam’ hasn't had the high searches in the tool, but this topic is of high importance as it was featured in lending related articles throughout 2024 and from conversations with advisers, I'm aware of its relevancy. You can find out more about spray foam in this article.

From conversations with advisers, we were already quite aware of questions and considerations around searches like ‘ground rent’ and ‘estate rent charges’, that's why I'd developed a helpful guide to estate rent charges in early 2024.

Discussing lending criteria in detail

The reason we're reviewing how advisers are using our online search tool is to better understand their lending queries and their clients' circumstances. This data is a starting point to improve overall understanding of the most relevant lending queries. You can discuss any lending criteria questions in more depth with our Intermediary Sales Team.

Being aware of the latest lending criteria trends and changes allows advisers to stay competitive in the market and enables you to offer up-to-date and valuable insights to your clients.

You can view and compare Pure Retirement's lifetime mortgages on our product solutions page.

References: Data taken from Pure Retirement's anonymous online tool.