The Gold Lump Sum Lifetime Mortgage product offered by Newlife is intended to provide one of the biggest single tax free lump sum payment in the equity release marketplace. It also does not require any regular or monthly payments be made on the loan.
However, Newlife have now been acquired by the UK general insurer – Legal & General who have now helped revamp the product range & enhance the competitiveness & features of their product range.
One of the major changes has been the introduction of an Optional Partial Repayment facility. This enables homeowners to control the future balance of the equity release plan. Newlife will permit upto 10% of the original amount borrowed to be repaid each year without penalty. Therefore, it can be managed as an interest only lifetime mortgage by clearing the annual interest charged, or even a capital & interest loan as by repaying the full 10% will completely repay the scheme over 15-16 years.
The Newlife Gold product offers a fixed interest rate for life and is available on both a single and a joint life basis. In order to qualify, homeowners must be at least 60 years old and have a property with a minimum valuation of £100,000. (£150,000 for ex-council houses).
The minimum release of equity must be at least £1o,000, with a new increased overall maximum equity release of £750,000. The new maximum UK property valuation is £2million with a maximum of £4million in the boroughs of London.
This product works best for those homeowners who are in good health and are looking to receive the most cash they can from the equity saved up in their home. The Gold Lump Sum is the best way to receive the largest one-time lump sum payment.
*TIP: Maximum loan with low set up costs with cashback & free arrangement fee
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Newlife Gold Lump Sum Max Plan
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