Newlife has launched a mortgage product for borrowers over 65.
The product has a variable rate of the lender’s SVR – 5.24 per cent – plus 0.5 per cent and it comes with free standard legals for remortgage customers.
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.
It is available on a capital and interest or interest-only basis.
There is a £299 application fee and a £1,995 lender fee.
In addition to the 65+Mortgage, Newlife offers lifetime mortgages and home reversion plans.
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.
“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.”