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Saga launches equity release product as OneFamily cuts rates – roundup

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  • 09/10/2018
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Saga launches equity release product as OneFamily cuts rates – roundup
In the latest market changes, Saga has introduced an equity release product, OneFamily has reduced interest rates, and TMA Club has added Darlington Building Society to its lender panel.

 

Members of TMA now have immediate access to Darlington’s product range, including solutions for traditional and more complex lending.

Senior product and business manager at TMA, Rob McCoy, said that with customer demand growing by the day, it is important to have a panel supporting all types of customers.

He added: “We aim to enable a whole spectrum of borrowers to gain access to funding and with the addition of Darlington Building Society, we can accomplish this.

“This new addition will strengthen our ability to reach a wider customer base, including those who are self-employed or have more complex circumstances.”

Julie Bourne, business development manager at Darlington Building Society, said: “We are looking forward to working with TMA as we aim to provide those customers with more complex circumstances with the mortgage they need.”

 

OneFamily

OneFamily has reviewed its two-year fixed and variable rate lifetime mortgages.

The changes include lower early redemption charges, an increased maximum loan amount and a reduction in interest rates.

Customers will now pay no early redemption charges after eight years.

The maximum loan amount has increased to £1m following increased interest from homeowners of properties worth in excess of £2m.

OneFamily has also reduced interest rates for Lite LTV lifetime mortgages to 3.55% from 3.90%.

Nici Audhlam-Gardiner, managing director of lifetime mortgages at OneFamily, said: “We regularly review our products to ensure we are competitive and these changes enhance our variable and two-year fixed propositions.

“We’ve also recently enhanced our fixed rate products as we continue to innovate our later life lending options.”

 

Saga

Saga has introduced an equity release product, allowing people to take regular monthly payment from funds built up in their homes.

The drawdown lifetime mortgage is available to people aged 60-80 with a UK property worth at least £150,000.

Customers must take an initial tax-free lump sum of £10,000 and can then take out a minimum monthly payment of £200.

Alex Edmans, head of product at Saga Money, said: “We believe that there needs to be more innovation in the industry to help people make the most of the equity in their homes but in a way that works for them.

“We are delighted to be challenging the market with the launch of our new regular drawdown lifetime mortgage, which enables homeowners to use the equity in their homes to really make a difference to their lives.”

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