A new higher loan to value lifetime mortgage is being launched and two existing lifetime mortgages are being renamed and revamped.
These changes include:
• A high rate LTV product - Lifestyle Lump Sum Max – will be launched
• The Lifestyle Flexible Option will replace the Cash Reserve Option
• The Lifestyle Lump Sum plan will replace the fixed rate lifetime mortgage
Anthony Rafferty, head of marketing, post retirement at Norwich Union, said: “We are making significant improvements to our lifetime mortgages in response to demand from advisers and their customers. They told us that they want products that offered more flexibility and were easy to understand ¬- and that’s exactly what we’re delivering with these changes.
“The equity release market is changing fast. Customers and advisers now want more flexibility and choice when it comes to choosing when and how they release equity from their home. These improvements, together with the changes we made to our reversion product in May represent a step-change in our product set in terms of quality and choice.”
