Changes are as follows:
Protected Equity
Capitalising on Northern Rock’s exit from the market, Stonehaven’s range of protected equity products are coming to the fore to offer protection on proportional amounts of the property at point of sale for no extra cost.
Guaranteed Drawdown
In 2008, New Life’s new improved Drawdown ‘Options’ Lifetime Mortgage has replaced New Life’s Flexible Lifetime Mortgage. This removes the annual fee for unused drawdown and the reserve charge of £250.
Under 60
Newcastle has introduced a new category to reflect the increasing demand from the under 60s. Stonehaven has been selected for its comprehensive product range of five under 60 products with a low minimum property value
Bob Mottershead, head of retail sales at Newcastle BS said: “Equity release is a growing industry, with SHIP predicting £1.27billion of business to the end of 2007.
"In 2007 alone, we saw the entrance of seven new providers, in addition to a raft of new products, and our panel is constantly being updated to reflect changes in the market and in customers’ needs. There are a number of different criteria we use to identify the most suitable providers, and it is not necessarily the cheapest that is the best.
“2008 will no doubt see more new and improved products in addition to new entrants to the market which can only be good news for consumers who will be offered more choice and competitive rates. The Newcastle Equity Release Service is designed to provide consumers with the product most suited to their needs.”
