Newlife Mortgages is a fairly recent lender in the pensioner mortgage market, having been established in 2003. However, this provider has built a solid reputation based on very creative, new, and innovative products, all of which are produced with quality service in mind. Newlife provides lifetime mortgages that apply to a number of different situations and customers.
The 65+ retirement mortgage is one product from Newlife that is geared toward homeowners who are looking to use their property as a way to secure a lump sum payment. The product is available in both Wales and England. The maximum loan-to-value with this product is 50%. All loans have a maximum cap of £350,000. To qualify for this retirement mortgage and to determine your loan amount, you will need to have a property valuation performed. Finally, there is a requirement that there be at least £150,000 of remaining equity left at completion.
There are different variations when it comes to this product. You may choose to pay only interest as it accrues or you may choose to pay off both capital and interest on a regular basis. Regardless of which option you choose, you are required to make regular payments under this Newlife Retirement Mortgage. While there are other mortgages that require repayment up until age 75, the 65+ mortgage from Newlife is available over a 25 year term. This time period may even be extended further with approval from Newlife.
There are several advantages to this Newlife mortgage, perhaps the biggest of which is that early repayment charges are only incurred for the first 12 months of the mortgage. After that time period, no penalty applies. Because of this particular feature, the Newlife 65+ mortgage is ideal for any homeowner that is looking to borrow over just the short term.
By using the Newlife 65+ mortgage, you are able to receive a cash lump sum to use however you see fit while also being allowed to stay in the comfort of your home. This particular product is perfect for the homeowner that needs a large lump sum up-front but would like to pay off their debt sooner rather than later, as there are no repayment fees following the first 12 months of the mortgage. That makes this particular mortgage the perfect solution for those who need a short term option.
