The product has no arrangement fee for loan completions before 1 March 2004.
The Society piloted the equity release mortgage earlier this year, which is offered at 6.75 fixed rate (6.9 per cent APR), with annual compound interest and LTVs at up to 35 per cent for 75 to 79 year olds.
James Wright, Portman’s group marketing manager, said: “The intermediary pilot was very successful. By increasing the availability of equity release we can ensure that more mature homeowners have access to this product.”
