Newlife has unveiled the 65+ mortgage aimed at the increasing number of people reaching 65-years old with a mortgage but which lenders are reluctant to offer suitable terms to.
It comes with a free standard remortgage legal package and is available in England and Wales, on either a capital and interest repayment or interest only basis.
The product features a rate of 5.74 per cent, variable, for a maximum term of 25 years and has an early repayment charges of 3 per cent of the original advance in the first year only.
Maximum loan is £350,000, with the loan to value capped at 50per cent, including any fees added, and there must be £150,000 of borrower’s equity remaining in the property at completion.
Newlife chief executive Peter Lucas said: “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.
“This product will allow borrowers to remortgage to a more competitive deal and increase the term of the mortgage thus reducing their monthly repayments. This product is one of very few, which will also allow other older homeowners who have the necessary income, to raise cash for whatever purpose they require through remortgaging or taking out a new mortgage.
“This launch adds to our award-winning range aimed at helping senior borrowers find the best products for their individual situations. We are committed to continuing to expand and improve our offering and have today also announced a raft of enhancements to our Lifetime Mortgage product.”
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