OneFamily has relaunched its Super LTV lifetime mortgage.
The lifetime mortgage provider originally launched the offering in March.
The product enables homeowners in England and Wales over the age of 70 to release up to 58% of the value of their property.
It gives borrowers the ability to borrow up to £1m and to make voluntary repayments of up to 10% of the initial loan amount each year.
Nici Audhlam-Gardiner (pictured), managing director of OneFamily lifetime mortgages, said: “Our Super LTV lifetime mortgage opens up the market for advisers, offering greater flexibility and choice whilst maintaining the bespoke service aspects that set OneFamily apart from other providers.”
The product features a sliding scale for early repayment charges (ERCs) in the first eight years of the loan, after which no ERCs will apply.
Years one to three are charged at 6%, year four at 5%, year five at 4%, year six at 3%, year seven at 2% and year eight at 1%.
Borrowers also have direct access to OneFamily’s underwriters.