Equity release products 'most competitive in market'

Equity release specialist New Life has ramped up its offerings in the market.

It has made enhancements to its ‘lifetime’ mortgage range – Lifetime Fix and Lifetime Gold – designed to make it the most competitive in the market for the over-55s.
 
Key features include a £600 cashback for those taking out a Lifetime Fix product between now and December 29, with an annual interest rate of 6.54%.

For single-life customers, the offer is a £300 cashback until December 29, with an annual interest rate of 6.96%
 
New Life, a SHIP member, also claims to offer one of the clearest and most competitive ERC (Early Repayment Charge) structures on the market – 5% in the first five years. 

It says it can do this as its ERCs are not linked to gilts, making it easier for advisers to explain to their customers.
 
Peter Lucas, chief executive of New Life, said:  “We have always been committed to providing our customers and intermediaries with exceptional products and excellent personal service. We are therefore delighted to enhance our Lifetime Mortgage offering to such an extent that this product suite is amongst the most competitive in the market.  
 
“We also continue to offer a high level of procuration fees on these products as we understand the important role that advisers play.