Bristol & West Mortgages has launched a range of rates into the lifetime market, adding to its suite of lifetime mortgages.
The capital release fixed rate starts at 5.79% and is available to the over 60s up to 20% LTV, and to the over 70s up to 30% LTV. The product carries a 595 arrangement fee.
In addition a product with free valuation and no arrangement fee is available at a rate of 6.15% based on the same LTV and age criteria as above.
Mark Howell, head of marketing at Bristol & West, says: “The introduction of these rates confirms our intention to become a leading provider of lifetime products.
“I believe they are currently amongst the most competitive in the market, representing an attractive proposition to those clients wishing to raise capital from their property.
“Predictions are that the market will grow significantly over the next few years as people seek to utilise the equity in their property to fund their retirement plans. Our range of products is competing in the capital release sector of the market which currently represents about two thirds of this market.”