Retirement Advantage has introduced a new Lifetime Mortgage product, Prestige Options which provides a tax-free, one-off cash payment for higher loan amounts. No payments are due and interest is added to the loan each month.
Prestige Options offer:
- Maximum loan amount of £2 million
- Minimum applicant age of 60
- Maximum property value £6 million, properties above £6 million considered on a case by case basis
- Free valuations, uncapped
- Fixed early repayment charges (ERCs). In place for the first 10 years of the initial advance or additional borrowing withdrawal.
- No affordability assessments.
- Option to add a cash reserve facility, for an additional MER of 0.2%
