"People are looking to release larger sums of money, whether that’s to help family members via gifting, improve their homes, or to support their lifestyle."
As a representative example, for an applicant aged 70 the product will offer a maximum LTV of 47.20%, with the option of a fees package offering an additional 5% cashback additionally increasing the maximum available borrowing. The new addition to the Heritage range is available on the lender’s core products, and offers maximum LTVs of up to 57% depending on the applicants’ age.
The new product will have a minimum age of 60, and a maximum age of 85 (80 if the applicant chooses the 5% cashback option), with a minimum property value of £100,000 and no maximum property value restrictions.
The product will offer minimum loans of £10,000 (£20,000 if a cashback option is selected), with a maximum loan facility of £800,000 and also benefits from having drawdown and porting facilities and the ability to choose between fixed and variable ERCs.
Head of product, Brendan Gilligan, said: “In an increasingly diverse market, it’s really important – and gratifying – to be able to continue to offer new and innovative products, including those with high LTVs. The new addition to our Heritage range acknowledges and recognises that people are looking to release larger sums of money, whether that’s to help family members via gifting, improve their homes, or to support their lifestyle. It underlines our commitment to providing attractive solutions to fit a range of circumstances, and offers advisers another great option to offer their clients.”