Cashback is the key to new mortgage product.(GE Life and Annuity Assurance Co.)

Financial Adviser, May, 2005

GE Life's new cashback facility on its lifetime mortgage is a definite plus, according to an adviser.

Nick Hanson, director of Hanson Financial Management, said the facility was a fairly rare feature among these types of products.

He said: "The cashback could be used to pay advisers' fees, although the main purpose will probably be to pay for legal fees."

As well as offering a new cashback facility, where all customers regardless of the size of their loan or their financial adviser will receive AGBP500 tax-free cashback on completion of their equity release mortgage, GE life has cut the interest rate on the product from 7.19 per cent to 6.69 per cent.

Mr Hanson said: "The product has a very competitive rate, it is transparent and...

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