With a fixed rate of 6.99% response to the product has been overwhelming: completion of the first 100 applications has been quicker than anticipated.
Since Mortgage Express launched the product at the end of October last year, a picture of the typical Lifetime customer has begun to emerge. The average Mortgage Express Lifetime customer is 69 years of age and has an average loan-to-value of 29%. Of Lifetime applicants, 11% are male, 16% are female and 73% are joint applicants.
Roger Hillier, product development manager at Mortgage Express, says ‘‘The positive response to our Lifetime mortgage has exceeded our expectations and we’re pleased to have reached our first 100 completions ahead of schedule’’.
‘‘It is a clear sign that older people will increasingly be looking to unlock the equity in their home to make the most of their retirement years’’ he concluded.
Mortgage Express is a member of Safe Home Income Plans (SHIP), a trade association that binds members to be fair to borrowers, and produce transparent terms and conditions for equity release products.
