"Our Super LTV Lifetime Mortgage opens up the market for advisers, offering greater flexibility and choice"
The product originally launched in March this year and now has a reduced rate and lower completion fee.
The lifetime mortgage enables borrowers to borrow up to £1 million and make voluntary repayments of up to 10% of the initial loan amount each year.
It also features a sliding scale for early repayment charges for the first eight years of the loan, after which no ERCs will apply. Years one to three are charged at 6%, year four at 5%, year five at 4%, year six at 3%, year seven at 2% and year eight at 1%.
Nici Audhlam-Gardiner, managing director of OneFamily Lifetime Mortgages, commented: “Our Super LTV Lifetime Mortgage opens up the market for advisers, offering greater flexibility and choice, whilst maintaining the bespoke service aspects that set OneFamily apart from other providers.”
