OneFamily has reduced fixed rates on its lifetime mortgages and increased the maximum loan amount from £750,000 to £1m.
The financial service provider claims that there are nearly 800,000 homes in the UK with a value of at least £1m, with a large proportion of owners being over 55. Indeed, recent figures from the Equity Release Council demonstrate the rapid increase in the lifetime lending market, with nearly £1bn released in Q2 2018.
Regarding OneFamily’s products, The Life Lifetime mortgage monthly equivalent rate has been cut from 4.89 per cent to 4.34 per cent, and the Standard from 5.65 per cent to 4.79 per cent.
OneFamily manging director of lifetime mortgages Nici Audhlam-Gardiner says: “Equity release is no longer a reaction for consumers to make up a savings shortfall but rather a proactive decision to make the most of their largest asset.
“Some homeowners are looking to give loved ones a living inheritance with an intergenerational wealth transfer, while others want to improve their own lives with major home improvements or by investing in other property.”