Mortgage News
Prudential to launch its own lifetime mortgage
Prudential has announced plans to break its ties with Northern Rock to launch its own lifetime mortgage by the end of the year.
Ali Crossley, director of lifetime mortgages at Prudential, said it felt it was the right time to enter the lifetime mortgage market.
She said: “Equity release schemes present a big opportunity for financial advisers and our research shows that they are very positive about the market. The fact that almost a quarter of those who do not currently sell lifetime mortgages, are planning to start next year, is a sure sign of market growth.
“We have found that for those over 65, 66% of their wealth is in their homes and this is worth up to £693bn.”
Prudential’s proposition is still being developed but is likely to focus on greater flexibility in product delivery, greater transparency in terms of costs and limitations and lower costs to consumers.
