In 2022, seven per cent of over-50s mortgage customers said they had used mortgage funds for debt consolidation, and between January and July 2023 this figure increased to 14 per cent.

In contrast, the number of customers who used the funds for home improvements fell. 14 per cent in 2022 said they had used the money to renovate their home, compared to just 9 per cent in July 2023.

Emma Graham, director of mortgage business development at Hodge, said: It's good to delve into this data every few months as it gives us the opportunity to understand changing customer behaviour and allows us to see how their finances are faring.

Given the current economic woes, it's not necessarily surprising that more people are putting it towards debt consolidation. 50+ mortgages give them the ability to take control of their finances whilst moving forward with a fresh outlook.

Graham added: As the use of mortgages changes from year to year, I believe these figures show that our 50+ product is being flexible enough to help our customers in later life realise their wants and needs.

"Whether it's extending their home or sorting out their finances, it's great for those of us who have worked hard to develop and design these products to see them working at an important time".