New Life Mortgages - Lifetime Fix
Scheme Name: New Life Mortgages - Lifetime Fix
Interest Rate: 6.35%
APR: 6.70%
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New Life Mortgages specialise in providing equity release mortgages for the over 55’s.
The Lifetime Fix scheme is designed to give you an initial lump sum payment with no requirement for monthly payments during the lifetime of the mortgage. The interest rate is fixed for the remainder of the term and the interest rolls up during the lifetime of the loan. Plans start at age 55 & there is a minimum property value of £60,000 with a £25,000 minimum initial withdrawal limit. The Lifetime Fix has the lowest interest rate in the market currently & is available on a single or joint life basis. One advantage of New Life Mortgages equity release schemes are the early repayment charges which are more lenient than the rest of the market. At 5% for the first 5 years they can be utilised to coincide with future retirement plans. |