Newlife has altered its lifetime mortgage product range, with a number of changes.
Its flexible lump sum lifetime mortgage product now offers a free application/valuation fee on properties worth up to £500,000, with a contribution of £525 for properties over this value.
It also comes with a cashback option for a limited period, choice of interest rates, compounded monthly and 6.24 per cent with cashback of 0.75 per cent of the initial advance capped at £2,000.
Alternatively, users can opt for a 6.14 per cent product without cashback.
Both include an arrangement Fee of £750, to be added in excess of the maximum LTV, if required and an option to choose single or joint life basis.
Chief executive Peter Lucas said: “We are committed to maintaining our reputation for product innovation and excellence and are delighted to announce we have enhanced our Lifetime Mortgage offering.
“This product now comes with free Inheritance Protection, which means that customers not taking the maximum amount available will automatically be able to secure some form of inheritance from their property.
“As we all know, one size does not fit all so by providing consumers – and their advisers – with access to new and improved products we ensure that customers can find the best possible deal for their situation.”
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