Newlife – Enquiry Form

The Flexible Lifetime Mortgage offered by Newlife is a flexible drawdown option which can be used as a single or joint plan option. Newlife schemes are available in Wales, Scotland, and England and the minimum property valuation is £100,000, with a minimum of £150,000 for ex-council houses.

Since it’s acquisition by Legal & General in 2015, Newlife has come out of the blocks by introducing both new flexible features & competitive interest rates.

The biggest change has been the introduction of the Optional Partial Repayment facility. Here payments of upto 10% of the original amount borrowed can be repaid without attracting any penalty. Therefore, the control over the future balance of the mortgage can be judged & manage the beneficiaries ultimate inheritance.

The minimum withdrawal on this plan is £10,000 with additional withdrawals available in amounts starting at just £2,000. Newlife have now increased the maximum loan to £750,000 with a maximum property value being £2million (£4million in London Boroughs)

This particular product serves to provide higher loan-to-value than most other drawdown plans. It offers a maximum cash reserve facility for additional future withdrawals.

*TIP: One of the lowest interest rates available coupled with an uncapped cash reserve facility