This Flexible Lump Sum Lifetime Mortgage product offers:
- Free application/valuation fee on properties worth up to £500,000, with a contribution of £525 for properties over this value
- Generous cashback option available for a limited period
- Choice of competitive interest rates, compounded monthly: 6.24% with cashback of 0.75% of the initial advance capped at £2,000 or 6.14% without cashback
- Among the highest loan to value releases in the lifetime mortgage market
- Arrangement fee of £750 to be added in excess of the maximum LTV, if required
- Option to choose single or joint life basis
- Available in England, Wales or mainland Scotland
- Enhanced introducer commission
The flexible nature of this product, which also includes a drawdown facility, allows automatic Inheritance Protection at no extra cost when the maximum LTV has not been drawn. This means this product is ideal for borrowers who would like to leave an inheritance but need to access the equity in their property.
In addition to enhancing its Lifetime Mortgage offering, Newlife today launched their 65+ Mortgage which allows senior borrowers to refinance an existing serviced mortgage to a more competitive rate for a longer period.
Peter Lucas, Chief Executive of Newlife, commented:
“We are committed to maintaining our reputation for product innovation and excellence and are delighted to announce we have enhanced our Lifetime Mortgage offering. This product now comes with free Inheritance Protection, which means that customers not taking the maximum amount available will automatically be able to secure some form of inheritance from their property. As we all know, one size does not fit all so by providing consumers – and their advisers – with access to new and improved products we ensure that customers can find the best possible deal for their situation.”
