You are here: Home - Equity Release - News -

Is this the UK’s lowest ever equity release mortgage rate?

0
Written by:
14/05/2020
The fixed lifetime mortgage rate has been reduced in light of record low interest rates and strong competition in the later life lending market
Is this the UK’s lowest ever equity release mortgage rate?

A lifetime mortgage with a fixed interest rate of 2.51% has been launched by Responsible Lending.

The equity release provider said the rate represented a reduction on its previous offer of over a quarter of a percentage point.

The deal is available both with and without drawdown and is available on a sliding scale of loan-to-value tiers, dependent on age.

The minimum loan amount is £10,000 and the product has fixed and defined early repayment charges (ERC), although customers can repay up to 10% of their loan each year without incurring such charges.

Keith Haggart, managing director of Responsible Lending, said: “Rates have never been more competitive and this is testament to the growing appeal of the lifetime mortgage market among consumers and funders.

“We live in uncertain economic times so to be able to bring forward a rate reduction like this in the middle of a pandemic will really test the growing appetite consumers have for these kinds of products.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2019-2020

Download our guide to the best mortgage lenders in the UK

Read More >

Read previous post:
Arrears and repossessions fell in the first three months of 2020

Despite the positive start to the year, the coronavirus crisis has had a huge impact and over 1.6 million borrowers...

Close