The firm said both lump sum and drawdown products will be available, while both will have an early repayment charge (ERC) free option – something Godiva claims is unique to the lifetime mortgage market.

Colin Franklin, managing director of Godiva Mortgages, said: “Changing attitudes to retirement planning and increasing confidence in the sector shows there is a genuine need for this type of product. For the first time, advisers will have access to drawdown and lump sum products without ERCs – a major step forward in the market place.”