There were 29% more lifetime mortgages sold in March 2022 than they were in the same month a year earlier, according to Freedom of Information data collected by Quilter.

According to the data from the FCA, in March 2022, 5,052 lifetime mortgages were sold across all loan to value (LTV) bands while in the same month in 2021, 3,930 were sold.

The data also shows that in total the average number of lifetime mortgages were 31% higher than the average in 2020 and 21% higher than 2021. However, the 2022 average is only based on three months of data.

The data also reveals that the most popular LTV band for lifetime mortgages is 10-20% with an average of 988 mortgages sold per month since 2020.

Comparatively, on average 53 lifetime mortgages in the 50-60% LTV band were sold each month since 2020.

Karen Noye, spokesperson at Quilter, said: “These figures show that equity release is soaring in popularity. While there is a place in the market for these types of products its essential that people use them for the right reasons. The cost-of-living crisis is biting, and it is worrying to think that people are ripping equity out of their homes just to pay their monthly bills.”