Over two thirds of brokers have said that lending up to and into retirement is changing, with greater numbers borrowing into their retirement in order to ease debt consolidation and day-to-day living costs, Hodge has found.

In the bank's latest study of 150 brokers, the vast majority agreed that the number of clients looking to take out a mortgage into their retirement years continues to rise.

Most respondents also said fewer people borrowing into later life are doing so for aspirational reasons, including paying for a car or holiday, while many are looking to subsidise insufficient funds or help with daily living costs.

As a result, 70% of brokers agreed that they need more in the way of education when looking to support their customers lending into retirement.

Hodge said that it is “interesting” to see that 90% of intermediaries feel their customers require a greater level of insight with regards to the solutions available to them too.

National accounts manager for the North at Hodge, Andrea Roberts, said: "What’s crucial to note about this feedback is that borrowing into retirement is becoming far less about the ‘nice to haves’ and much more focused on meeting financial liabilities brought about by pension or endowment shortfalls, outstanding debts, rises in the cost of living, and more.

"Put simply, borrowing into a customer’s retirement is becoming more of a necessity for many.

"It’s really important to us, therefore, as specialists in this area of the market, that we continue talking and listening to our brokers, so that we in turn can continue supporting intermediaries and their customers in the moments that matter."

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