OneFamily cuts lifetime mortgage rates in criteria revamp
OneFamily has enhanced the criteria on its two-year fixed and variable rate lifetime mortgages with lower early redemption charges, an increased maximum loan amount and a reduction in interest rates.
"We’ve also recently enhanced our fixed rate products as we continue to innovate our later life lending options."
Rates on the lender's Lite LTV lifetime mortgages have been cut from 3.90% to 3.55%, with the variable rate marging reducing from 2.50% to 2.30%.
Additionally, customers will now pay no early redemption charges after eight years and if they choose to pay the mortgage back prior to this, they will pay a small percentage of the outstanding loan on a sliding scale from 6% in year one to 1% in year eight.
The maximum loan amount has also increased to £1 million following increased interest from homeowners of properties worth in excess of £2 million.
Nici Audhlam-Gardiner, managing director of lifetime mortgages at OneFamily, commented: “We regularly review our products to ensure we are competitive and these changes enhance our variable and two-year fixed propositions. We’ve also recently enhanced our fixed rate products as we continue to innovate our later life lending options."
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