You are here: Home - News -

Prudential moves into equity release market

by:
  • 17/06/2003
  • 0
Lender Prudential has entered the equity release market, with a product available to members of its ...

Lender Prudential has entered the equity release market, with a product available to members of its club, Prudential Premier Mortgage Service (PMS).

John Malone, national mortgage manager at PMS, said: ‘The average retired person has only £13,765 a year annual income, but those who are homeowners have around £100,000 worth of equity in their home ‘ by releasing some of this, many can dramatically improve their standard of living.’

The Prudential Home Equity Release Plan offers retired homeowners aged 60 and over two options. They can either take a lump sum, or can choose a guaranteed fixed monthly cash release for the rest of their life coupled with a cash lump sum. The interest rate starts at 6.96% for the Standard lump sum option, and 7.18% for Cash Plus monthly payment.


Tags

There are 0 Comment(s)

You may also be interested in

  • Nice to end the year on a high thanks to IMLA research... https://t.co/fdagObsD7X
  • Download now! Mortgage Industry Collective Christmas single Take Me Home goes live - Mortgage Solutions… https://t.co/a7F7QKdON7
  • My week on Twitter 🎉: 56 Mentions, 76.4K Mention Reach, 18 Likes, 4 Retweets, 1.36K Retweet Reach. See yours with… https://t.co/e8yC8yetki

Read previous post:
The Mortgage Operation enhances its website

The Mortgage Operation (TMO) has revamped its website, www.mortgageuk.com. The site has separate p...

Close