Financial Services Industry
Industry: Email Alert RSS FeedNew Product - Age Concern mortgage works to release equity.(Brief Article)
Financial Adviser, January, 2005
AGE Concern has launched an equity release product with the option of a lump sum, a monthly income or both.
The Age Concern Lifetime Mortgage does not have an arrangement fee and is aimed at retirees who only need or want to borrow modest amounts.
One-off loans are available from AGBP3000, while monthly releases, taking regular cash amounts which are tax-free, start from AGBP50 per month.
Age Concern claimed the variable interest rate of 6.94 per cent was competitive. It tracks the Bank of England base rate and is capped at 8.99 per cent for the life of the loan. The Age Concern Lifetime Mortgage is provided by Northern Rock.
Verdict: Dean Mirfin, business development director of Preston-based IFA Key Retirement Solutions, said this...
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