Data shows that increasingly large numbers of homeowners with a lifetime mortgage are making monthly payments on their loan. This means that the interest doesn’t roll up, as with traditional equity release plans, and the remaining capital in the property is protected.
The new lifetime mortgage will enable homeowners in England and Wales, over the age of 65, to release up to 58% of the value of their property.
OneFamily has enhanced its Interest Roll Up Lifetime Mortgage meaning customers can roll the interest up and pay nothing, or they can now pay it off as and when they want.
OneFamily has identified a growing group of over 55s that are using lifetime mortgages to fund property moves to more expensive homes. Buying a new property is now the fourth most popular reason for using a lifetime mortgage as homeowners who are retired, or approaching retirement, move to be closer to family and friends, or better amenities.
OneFamily is urging savers to maximise the opportunity offered by a Lifetime ISA and gain access to the Government 25% bonus. The Lifetime ISA is the only savings account that benefits from this generous monthly bonus and is available to savers from 18 – 39 years old saving for a first home or retirement.
New research from OneFamily has found that the number of ‘Parent-sioners’ is set to increase significantly over the next decade. The findings indicate that more over 60s than ever before will have children under 18 and in the next ten years it will rise from circa 400,000 to over 900,000.
OneFamily is launching a simple, customer-friendly, stocks and shares Lifetime ISA.
OneFamily has launched a funeral cost calculator that enables advisers to calculate the sum assured their clients can receive from OneFamily’s Over 50s Life Cover, based on monthly premium, with the cost of a funeral in their clients local area, both now and into the future.
Two new Lifetime Mortgage products announced by OneFamily last month have now gone live, the financial mutual has announced.
