Good news for those approaching retirement age! More2life, a leading provider of lifetime mortgages, has introduced a new product called Maxi Zero ERC.
This game-changing product lets you borrow money against your home without worrying about early repayment charges (ERCs). That means you can repay your loan early without paying any extra fees.
Why is this such a big deal?
Traditionally, lifetime mortgages have had ERCs, which can be a big deterrent for people who want to pay off their loan early. Maxi Zero ERC does away with those charges completely, giving you more flexibility and control over your finances.
What are the benefits of Maxi Zero ERC?
Here are some key advantages of this new product:
- No ERCs: You can repay your loan in full at any time, without incurring any additional costs.
- Flexibility: The loan allows you to downsize your property from day one, even if it doesn’t meet the lender’s criteria.
- Peace of mind: If you are a joint borrower, and one of you passes away or goes into long-term care, the surviving borrower can repay the loan in full without facing ERCs.
- Suitable for many situations: This new product is available to people aged 55 to 89 with a loan-to-value (LTV) between 20.5% and 49.5%. You can borrow between £15,000 and £700,000.
Who is this for?
This new lifetime mortgage could be a good option for you if:
- You need to access money from your home quickly, but are unsure about your future financial plans.
- You are considering downsizing your home in the future.
- You are a joint borrower and want to ensure your partner won’t be burdened with ERCs if something happens to you.
Important details:
- Rates start at 6.77% MER.
- There is an arrangement fee of £1,199 for the initial advance and £499 for any further advance.
- The product is currently available through a limited number of distributors, including Air members and selected specialists.
What does this mean for you?
Maxi Zero ERC provides a valuable new option for people who are looking for a flexible and affordable way to access money from their home. It offers the freedom to make repayments without the financial burden of ERCs. This means you can make informed decisions about your finances, without being restricted by the terms of your loan.
If you are considering a lifetime mortgage, be sure to discuss this new product with an expert who can help you understand the implications and ensure it is the right choice for your individual circumstances.