Are you considering a lifetime mortgage to release some equity from your home? You might want to take a look at the new Apex Interest Reward product from more2life.
This new product could help you save money on your mortgage payments!
How does it work?
The Apex Interest Reward product works like a regular lifetime mortgage, but with a twist. You have the option to make regular interest payments and earn a discount on your interest rate.
Here’s how it works:
- Make regular payments: The more interest you pay each month, the bigger the discount you’ll get on your interest rate.
- Big discounts: You could get a discount of up to 75 basis points, which means you could save a significant amount on your mortgage payments over time!
- Fixed term: The interest rate discount will last for a fixed period of 15 years, even if you stop making payments early.
The Key Benefits
- Lower interest rates: You could benefit from lower interest rates by making regular interest payments.
- Short ERC period: There’s a fixed early repayment charge period of just four years, which gives you more flexibility than other lifetime mortgage products.
- High LTV availability: You can borrow up to 52% of the value of your home.
- Peace of mind: Your home is never at risk, even if you stop making payments early.
What does more2life say?
Ben Waugh, managing director of more2life, said: “This new product offers those who wish to keep on making interest payments for a fixed term to do so, but also benefit from a rate discount. We believe this further addition to our product offering provides innovation and options for clients potentially moving into the later life lending space for the first time, including those wanting a product that smoothes the path for them.”
The Bottom Line
The Apex Interest Reward product could be a good option for you if you’re looking for a lifetime mortgage with a flexible payment structure and the potential for lower interest rates. If you’re considering a lifetime mortgage, speak to a qualified financial advisor to see if this product is right for you.