New Life Higher Release Lifetime Mortgage changed

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New Life Higher Release Lifetime Mortgage changed

The New Life Higher Release Lifetime Mortgage and Flexible Lifetime Mortgage have both seen interest rate reductions, from 6.69 to 6.09 per cent.

A decrease in interest level has also been imposed on standard lifetime fixed option, which will now operate at 6.04 per cent.

Borrowers aged over 65 are entitled to the New Life Higher Release Lifetime Mortgage.

The pacakge offers a loan to value (LTV) of 32 per cent to customers aged between 66 and 90 years and those aged 90 and over will be offered an LTV of 56 per cent.

The company claims that these levels are the highest in the market for this particular age range.

"Our lifetime mortgage range is among the widest in the market and includes unique products and features," claimed Peter Lucas, chief executive of New Life Mortgages.

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