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Pru fixes lifetime loan rate at 6.45%

Prudential has set the fixed rate on its lifetime mortgage property value release plan at 6.45 per cent.

The valuation fee is from 209 to 529 depending on property value but will be waived for customers submitting applications before March 31, 2006. Commission is either 400 or 1 per cent of the initial loan, whichever is greater.

Pru is offering an online calculator which allows advisers to compare the benefits of flexible drawdown versus a single lump sum.

The company claims that, even when the headline interest rate is higher, clients who are using the flexible drawdown facility could be able to save considerable amounts of interest.

Pru claims its fixed rate will prove competitive against lump-sum providers, offering a lower rate because the client could save interest by taking the loan in stages rather than all at once.

All mortgage applications will be handled by Global Home Loans.

Pru director of lifetime mortgages Ali Crossley says: “The lifetime mortgage market has been in need of a shake-up for some time. When we first announced the details of our product, we had a positive reaction from customers, advisers and even competitors. We expect the level of interest from advisers over the coming weeks to reflect this.”

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