Men are more inclined than women to release housing equity to repay debts or mortgages, according to new analysis from lifetime mortgage lender Pure Retirement.

The lender’s research into single-life applicants found that 38% of men cited debt or mortgage repayment as their primary reason for taking out a lifetime mortgage in the third quarter, compared with 30% of women.

Home improvements were also more common among men, accounting for 21% of new business compared with 18% for women.

Women, on the other hand, were more than twice as likely to use released funds to gift to family or friends. 13% of women listed gifting as their main motivation, compared with 6% of men. Women were also more likely to take out a lifetime mortgage to fund a holiday (5%), while 10% of men released funds to purchase a car – a reason not among the top five for women.

Around 10% of both genders used the funds to create a contingency or emergency reserve.

DIFFERENCES IN DEMOGRAPHICS

Pure Retirement also highlighted contrasts in property values and marital status among single-life applicants. While the gender split of those releasing equity is narrowing – with women representing 58% of single applicants in Q3, down from 70% a year earlier – other distinctions remain pronounced.

At the higher end of the market, 13% of new business from single men came from owners of homes worth at least £700,000, compared with just 3% among single women. The research also found that single women taking out lifetime mortgages were more likely to be widowed (38% versus 22%) or divorced (36% versus 30%), while men were far more likely to be unmarried (42% versus 22%).

Men also showed a stronger preference for lump-sum borrowing, with 72% of new lifetime mortgages taken on this basis compared with 58% among women.

CALL FOR NUANCED ADVICE

Simon Hayton, chief operating officer at Pure Retirement, said: “The differing demographic profiles, and diverse needs, between male and female single applicants serve to underline the need to not only deliver products that meet a variety of circumstances but also the importance of nuanced advice and customer service throughout the lifetime mortgage journey.

“Through sharing these figures we hope to widen understanding within the market to help continue to deliver best outcomes, while also using them as a foundation to enhance our own offering going forward.”

Jim Boyd, chief executive of the Equity Release Council, added: “These figures highlight how individual circumstances, life experiences and financial priorities can shape the way people choose to release equity from their homes.

“The fact that men and women show different patterns of use underlines why personalised, regulated advice is at the heart of the Council’s Standards.

“Later life lending is never a one-size-fits-all decision: it is about understanding customer needs, tailoring solutions, and ensuring people have the confidence that their choices will deliver the best outcomes for them and their families.”