Newlife has launched a mortgage product for borrowers over 65.
The product has a variable interest rate equivalent to the lender’s SVR (5.24 per cent) plus 0.5 per cent and it comes with free standard legals for remortgage customers. (source: http://www.newlife-uk.com/)
The maximum loan size is £350,000 and the loan-to-value is capped at 50 per cent. There must be £150,000 of equity remaining in the property at completion but is available on a capital and interest or interest-only basis.
Newlife chief executive Peter Lucas says: “An increasing number of people find they are still paying a mortgage at 65 and may still be working – at least part-time – but due to their age, they are unable to remortgage. At Newlife, we recognise this issue and have launched the 65+Mortgage package to help people in this situation.”