OneFamily relaunches 'Super LTV' lifetime mortgage
OneFamily has relaunched its Super LTV lifetime mortgage which enables homeowners aged over 70 to release up to 58% of the value of their property.
"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.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Budget
Budget: Government introduces mansion tax on high-value homes
Budget
Budget: Government introduces £2,000 salary sacrifice cap
Lifetime Isa
Budget: Lifetime ISA to be scrapped in favour of new first-time buyer ISA
Budget
Budget: Property income tax to rise by 2%
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
Santander
Santander joins mortgage price war with new rates from 3.51%
