Newlife Enhances Lifetime Mortgage Product Range
May 2012
Newlife is delighted to announce enhancements to its Gold and Lifetime Fix Lifetime Mortgage products.
LTVs have increased substantially on both products and the rate on the single life Gold product has improved to a very competitive 7.04% monthly. Although our minimum age has increased there is no maximum age and we no longer impose a maximum property value. The minimum loan size is lower at £15,000 and further advances are now considered after just 6 months.
In line with the expectations of many of you that gilt linked ERCs may currently be fairer and more akin to your clients' own preferences and circumstances we have linked our ERCs to the movement in 15 year gilt rates, subject to a maximum of 25% of amount(s) drawn.
These changes take effect from Tuesday 15 May 2012.
Our full Lifetime Mortgage product range can be viewed by selecting product summary.
The KFI templates reflecting the changes outlined above, which have been emailed to all registered introducers, are also available on request.
Our Home Reversion products which pay a rewarding commission, remain unaltered and full product details can be viewed on the Home Reversion section of the website.
Changes to Home Reversion Plans & Lifetime Fix Mortgage
March 2012
Whilst release rates for Home Reversion Plans have recently been reduced across the industry, the good news is that you will now find our plans consistently offer amongst the highest releases in the Home Reversion market. Full details of our Home Reversion plans, which pay a rewarding commission, can be found on this website. Don't forget that you will need to register with us to submit Home Reversion business, just click on "register" above which will take you straight to the relevant registration form.
We amended our Lifetime Fix Mortgage interest rate to 7.04% monthly (7.27% AER) with effect from Friday 23 March 2012. Our Gold Lifetime Mortgage, available for single lives only, remains unaltered. Both Lifetime Mortgage products have competitive and transparent Early Repayment Charges. Our full product range can be viewed on our website and all KFIs for both our Home Reversion and Lifetime Mortgage products, which are automatically emailed to you when you are registered with us, are also available upon request.
Newlife expands its product range
Newlife launched two new competitive Home Reversion Plans to complement our award winning product range on 30th June 2011.
The two Home Reversion Plans are called "Optimum" and "Options" and offer a greater choice to customers, particularly if they wish to release a more substantial sum than with a Lifetime Mortgage or wish to protect some of the equity in their property and leave a guaranteed inheritance.
- Optimum Home Reversion Plan - minimum release £25,000 - maximum £250,000. 100% (99.9% in Scotland) of the property value is sold.
- Options Home Reversion Plan - a "drawdown" plan where the minimum release is the lower of £25,000 or release based on sale of 25% of the property value - maximum £250,000. Between 25% and 95% of the property value may be sold
As you would expect both Optimum and Options are SHIP compliant.
Plus you earn a rewarding commission on the initial amount released.
To submit Home Reversion business you need to register with us.
All product information is available in our Equity Release area or Product downloads on this rebranded web-site.