The Lifetime Mortgage has the highest loan-to-value available in the market and one of the lowest rates currently on offer.
The rate is fixed for the entire term of the mortgage, with interest accruing on a monthly basis.
Other features of the Lifetime Mortgage include a lump sum drawdown and further loan facility, a no negative equity guarantee and portability options, subject to criteria.
The product has a fee - expressed as a percentage of the loan - for mortgages redeemed within the first five years. The rate is 5% within the first two years, 4% in the third and fourth year and 3% in the fifth year of the loan.
Tim Whiting, Director of The MINEL Group Ltd, commented: ‘‘This is excellent news. We already like the Mortgage Express product because of the high loan-to-values available. This, and the new price, make it a winning combination for our customers’’.
Tim Sturley, head of business development at Mortgage Express says: ‘‘We have secured a competitive level of funding and we are keen to pass this saving onto customers’’.
‘‘We were surprised to hear Norwich Union’s recent announcement that it would cap its redemption charge to up to 25% of the original loan. By setting our redemption fees up front - at a more competitive rate - we aim to give our customers certainty and piece of mind’’ he concluded.
For more information about Mortgage Express’ Lifetime Mortgage, visit www.mortgage-express.co.uk or call the Contact Centre on 0500 0500 20.
