Partnership launches product for the health impaired

Partnership has launched an equity release lifetime mortgage specifically aimed at cash-poor home owners with health or lifestyle issues.

The product is available to property owners aged 60 and over whose property is worth at least £70,000.

Partnership says the deal offers enhanced benefits to those who suffer from long-term illnesses such as diabetes, cancer or high blood pressure, while it also offers better terms for smokers.

The minimum cash release for the product is £25,000, and consumers will not be charged fees for valuation, application or completion.

It has a fixed annual equivalent interest rate of 7.65% and comes with a no negative equity guarantee.

Ged Hosty, managing director for equity release at Partnership, says: “The enhanced lifetime mortgage will provide exceptional terms for homeowners with qualifying conditions or circumstances, such as smokers, and a simplified underwriting process means that a short list of medical questions can be completed online in minutes to confirm eligibility.

“Our research has identified that around 40% of all applicants for an equity release mortgage could qualify for enhanced terms because of medical factors, and right now there is nothing else in the UK market offering the outstanding benefits that Partnership’s product offers.”