Pru reports £51m in Q1 advances

Prudential has reported its highest sales in a quarter since entering the lifetime mortgage market in 2005.

The company has revealed it saw £51m in total mortgage advances during Q1, a rise of 50% year-on-year.

Of this, £13m was taken as lump sum advances with the remaining £38m being taken via Pru’s drawdown product.

Keith Haggart, director of lifetime mortgages for Pru, says: “Our Q1 results are particularly impressive given that lifetime mortgage sales are traditionally flat during this period, mainly because it reflects business conducted leading up to Christmas.

“That combined with economic uncertainty, which naturally impacts the market as a whole, underlines that in such times advisers turn to well established and trusted brands.”

He adds: “We are predicting continued solid growth in the lifetime mortgage market this year.

“No negative equity guarantees, and fixed interest rates for the lifetime of the loan, means that there has never been a better time for customers to consider a lifetime mortgage.”