Jan Holt, head of sales for Prudential Lifetime Mortgage says Norwich Unions new Equity Release product will benefit the long term prospects for the market.
Holt says: Prudential have been saying for some time that the Lifetime Mortgage market needs more providers to be flexible and innovative with their product offerings in order to drive the market forward.
In light of this it is refreshing to see that Norwich Union will be introducing limited flexibility into their offering.
Customers needs vary so different products will suit different people, so the more providers that offer innovative propositions that meet customers requirements will benefit the long term prospects for the market.
The Lifetime Mortgage market has evolved much over the last year, with Pru becoming one of first companies to launch a flexible drawdown product.
The Prudential Lifetime mortgage offers unprecedented levels of flexibility and innovation by offering a drawdown that customers can take at anytime during their retirement, not just limited to 10 years.
With the added advantage of having an increasing loan to value and the ability to transfer existing loans to other properties, reinforces the fact that Prudential are one of the leading providers of Lifetime Mortgages.