Retirement specialist Just Group has reduced the lifetime mortgage interest rates on properties of customers who have died or moved into long-term care.
The change aims to help customers, and their beneficiaries, who are unable to sell properties due to the current government lockdown.
For customers who had properties to sell on or before 26 March, these changes will be backdated to that date, when the housing market was effectively closed following government restrictions.
Just will implement these changes from 26 March for up to three months, and will keep the policy under review.
For customers who die or are admitted to care after 26 March, Just will make adjustments to the lifetime mortgage interest rate from the date of death or admittance.
The policy will expire on 26 June, unless the government lifts social distancing requirements before that date, or Just decides to extend the policy.
Paul Turner (pictured), managing director, retail at Just Group, said: “Many of our customers are unable to sell their properties as the government lockdown has effectively closed the housing market.
“We don’t have the power to open the housing market, but we can help our customers and their families by giving them hundreds of pounds on average.”