OneFamily launches flexible interest lifetime mortgages

The additions bring its lifetime mortgage range to six products.

If the consumer chooses to fix their monthly maximum interest rate and if interest rates increase above the agreed figure, any additional interest will be added to the original loan and would be paid back at the end of the term.
 
The products will also be the first lifetime mortgages to be added to the approved lenders list of the Mortgage Intelligence network.

Georgina Smith, OneFamily Managing Director, commented: “Our new products mean consumers can repay up to 100% of the interest on the loan at either a variable or fixed interest rate, in the same way you would with a mainstream interest only mortgage.
 
“Obviously with variable interest rates there is the risk that the monthly payments may change in the future. However, OneFamily has considered this and gives consumers the option to fix their maximum monthly interest payment, even if they have a variable interest rate.
 
“We have included the option to make payments at a set percentage of the interest due or a set amount, and consumers can also choose to stop making the payments if their circumstances change. At this point they will have the choice to switch to one of our other lifetime mortgages, such as our interest roll-up or voluntary payment products.”
 
Sally Laker of Mortgage Intelligence added: “We have been one of the UK’s leading mortgage networks for many years because we strive to offer our brokers intelligent, flexible solutions.
 
“By adding OneFamily’s new Lifetime Mortgages to our panel, we are keeping our advisers ahead of the curve and providing them with the best products for their clients."