In the three months to 30 June this year, sales of lifetime mortgages reached £93.6m an increase of 47% on the same quarter last year which saw lifetime mortgage sales peak at £63.6m.
Rodney Cook, chief executive of Just Retirement, said: “All categories of the business have performed exceptionally well achieving double digit growth over the last twelve months ensuring we continue to hold leadership positions in our core markets.”
Cook said both the increase in annual and quarterly sales of lifetime mortgages marked a new sales record for the group’s lifetime mortgage business.
He said: “The development of new products by Just Retirement to anticipate the needs of new customer segments, such as those wanting to repay some or all of the interest and those wanting to extract higher values due to their shorter life expectancy, has helped to deepen the group’s distribution arrangements and funding support to strategic partners.”
He added: “I am pleased to announce we have entered into a long-term contract to provide immediate needs annuity solutions to Saga, a leading provider of advice and services to people in later life.
“We will shortly be extending the availability of similar products to financial intermediaries.”