In addition to the new rate GE Life is launching a new cash back facility, whereby all customers, irrespective of the size of the loan, or who their financial adviser is will receive a £500 tax-free cashback on completion of their equity release mortgage.
These enhancements to GE Life’s Lifetime product are in response to feedback GE life has received from financial advisers since it launched its new lifetime mortgage last November, together with the signing of a new funding agreement with Stroud and Swindon Mortgage Company Ltd. Additional features include automatic deduction of the application fee on completion of the loan, annually compounded interest rates, attractive LTV’s for the over 70’s, low redemption charges and a clear fee structure.
Simon Little, Product Manager for GE Life said, “As a founding member of SHIP and with over 18 years experience in the Equity Release market, GE Life is a trusted brand and is ideally placed to provide an excellent and sustainable product for financial advisers and their clients.”
GE Life’s Equity Release Lifetime Mortgage, which is available solely through financial advisers, features:
- Fixed interest lifetime mortgage with interest calculated annually
- No negative equity guarantee
- Improved LTV for female and joint applicants
- Younger ages for Joint Lives
- Low redemption charges
- Clear fee structure - no hidden costs
- Minimum loan value of £25,000 no maximum
In addition to its Lifetime Mortgage, GE Life’s equity release offering also includes a home reversion plan - the Equity Release Income Plan - which was re-launched in May 2004 with improved income levels.
“We believe that these enhancements to our equity release product reflect our ambitions to become a major player in this market. Both lifetime mortgages and reversion schemes are an integral part of the financial planning process and can be a great way of supplementing a client’s income in retirement giving them a better quality of life” adds Little.
Financial advisers can obtain further information on GE Life’s new Lifetime Mortgage by calling 0870 609 0612
