Compare deals when you’re looking to take out your enhanced lifetime mortgage. By looking at the features of the four main providers, you will be able to take the benefit of the best rates and features.
Aviva
Aviva is a household name when it comes to insurance and financial products and their enhanced lifetime mortgage has a range of attractive features to entice you:
- Interest rates range from 5.62% to 7.83% depending on your circumstances
- £1000 cash back on completion of the mortgage or take the free valuation option
- A reserve feature which allows you to reserve some of your cash lump sum for when you really need it and without paying any extra fees for additional withdrawals
- The minimum age is 55-years old
- Inheritance Guarantee option (higher interest rates apply).
Just Retirement
Just Retirement have been providing equity release plans for over seven years and offer a range of benefits and features depending on your circumstances and the following enables you to compare deals with other providers:
- Reserve facility to use as and when you need it without further fees (subject to varying interest rates)
- Free valuation on your property
- Exclusive reduced interest rates that apply to enhanced lifetime mortgages
- Minimum age is 60-years old.
more2life
more2life have recently re-joined the equity release market and you can compare deals with their range of features on enhanced lifetime mortgages:
- Minimum age is 55-years old
- Free valuation
- £1000 cashback on successful completion of the plan
- This plan has the biggest draw-down option on the enhanced lifetime mortgage market providing you meet the health-related criteria
- Protected equity guarantee which means you can still protect a percentage of your property for your loved ones.
Partnership
Partnership is no stranger to the lifetime mortgage market and has successfully underwritten other financial products on the market:
- £500 cashback on completion of the loan
- Minimum age is 60-years old
- A fixed interest rate of a very healthy 7.54%
- No arrangement or valuation fees.
To compare enhanced lifetime mortgage deals it is a matter of weighing up your personal choices, your circumstances and the advice of your specialist advisor who will present you with all the information to hand. It is important to know and understand what the features are and what is on offer and to weigh up what will be cost-effective for you and your family. As enhanced mortgages are based on life expectancy and your home’s value, shopping around is vital so that you’re aware of what is right for your personal situation.
