UK-based life insurance provider Prudential has reported that its total mortgage advances in the first quarter of 2008 were GBP51 million, an increase of 50% over the first quarter of 2007.

Of this GBP51 million, GBP13 million of advances were taken as a lump sum, with GBP38 million taken through Prudential’s drawdown product.

Keith Haggart, director of lifetime mortgage at Prudential, said: Our first quarter results are particularly impressive given that lifetime mortgage sales are traditionally flat during this period, mainly because it reflects business conducted leading up to Christmas.