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New Life launches new equity release products

New Life is making changes to its lifetime mortgage range, lifetime fix and lifetime gold.

The new products include a lifetime fix available for both single and joint lives at 6.35% monthly or 6.54% annual – LTVs starting from 17% at age 55.

There is also a £600 cashback offer for completions with funds released on or before December 29 this year. 

The gold maximum lump sum product is back for single lives and now available at 6.75% monthly  or 6.96% annual with LTVs starting from as high as 20% at age 55.

For completions with funds released on or before December 29 there is a cashback of £300 to the customer.

New Life also offers a 5% Early Repayment Charge structures on the market.

Peter Lucas, chief Executive of New Life, says it has always been committed to intermediaries with exceptional products and personal service.

He says: “We also continue to offer a high level of procuration fees on these products as we understand the important role that advisers play in providing advice on what can be an emotive decision.

“Going forward, we have a substantial and secure funding pipeline and are looking forward to helping intermediaries provide retirement financing solutions for many UK consumers.”

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  • Simon Chalk 2nd November 2010 at 7:06 am

    Welcome back to the market New Life!

    Very pleasing to see competitive products with attractive cashback & competitive fixed rates reappear, but also important is a fixed penalty as most don’t offer such a thing. With More2Life & Partnership having recently launched, plus Friends Provident hinting at their intentions to join the party, could this be the rennaisance we have been awaiting?

  • Tom Moloney 1st November 2010 at 3:03 pm

    Fantastic to see New Life extend their range of products. Excellent rates and well done on maintaining fair and specific early repayment charges! The team at CCCS look forward to working with New Life Mortgages for the remainder of 2010 and throughout 2011 and beyond.