On the tail of its expansion in 2013, Newlife has recently upgraded its standard lump sum lifetime mortgage to its newer version, the Gold Lump Sum lifetime mortgage. Newlife was recently granted full permission by the Financial Conduct Authority and now serves as a full service provider. This means they are now able to provide all services in the retirement market, including underwriting, lifetime mortgages, home reversion plans, and retailing. This new and updated product from Newlife offers some improved features including low interest rates and higher loan-to-value advances, making it a great product for consumers over age 70 and in good health.
This new Gold Lump Sum lifetime mortgage has created quite a buzz with its new and improved options and features. The interest rates are incredibly competitive, and are fixed for life. It also has maximum loan-to-values starting at 25% for those who are aged 70, up to 51% at age 85. If you have a valuation that is over the mark of £1,000,000, the loan-to-value will be based on a £1,000,000 valuation.
With this new product, it is possible to release anywhere from £15,000 all the way up to £200,000.The amount is contingent on a couple of different factors including property value and age of the youngest borrower. In order to qualify, you must be at least 70 years old and your property must have a value of at least £70,000. You also must withdraw at least a minimum of £15,000 from the outset with this product.
This new Gold Lump Sum lifetime mortgage is available on both a single and joint life basis and is available in mainland Scotland, Wales, and England. This is a great product for those retirees who are over age 70 and in good health. Using this product can help ensure that the maximum equity release can be achieved. If you are in good health, this new plan from Newlife could help you ensure that you are offered the maximum lump sum available. There are no monthly payments required and the Gold Lump Sum lifetime mortgage meets guidelines set by the Equity Release Council.