Newlife offers first residential deal for clients over 40
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Newlife has launched its first residential mortgage product as it kickstarts plans to offer a range of mortgages alongside its equity release offering.
Its simple life mortgage is a first charge capital and interest repayment deal designed for home owners over the age of 40 who are looking to release a cash lump sum of between £10,000 and £40,000.
The product has a maximum repayment age of 80 and is available on three different plans, the cheapest of which has a three-year fixed rate of 9.52% up to 75%
The most expensive plan has a three-year fixed rate of 12.19% up
to 60% LTV and is on offer to the self-employed, those receiving a pension or benefits, and those with a missed mortgage payment in the last year or one County Court Judgement in the last three years.
Dean Mirfin, group director of Key Retirement Solutions, says: “This product is expensive and while it may help those who would otherwise struggle to obtain mortgage finance, I think it would be an option of last resort for most.”
Peter Turley, director at Newlife, says: “This product is aimed at those who would not qualify for a standard mortgage, so is priced according to risk and cannot fairly be compared with other mortgages.”
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