OneFamily has increased the maximum loan amount for its fixed rate lifetime mortgages from £750,000 to £1m and reduced interest rates for both standard and lite lifetime mortgages.
Lite lifetime mortgages will have an interest rate of 4.34%, while standard will be 4.79%. These rate changes are live from today.
Nici Audhlam-Gardiner, managing director of lifetime mortgages at OneFamily, said: “Following feedback from intermediaries, it became clear that there was a need in the market for higher loan amounts.
“Equity release is no longer a reaction for consumers to make up a savings shortfall but rather a proactive decision to make the most of their largest asset.
“Some homeowners are looking to give loved ones a living inheritance with an intergenerational wealth transfer, while others want to improve their own lives with major home improvements or by investing in other property.
“These changes reflect our desire to provide lifetime mortgages that help fit a range of consumer needs and allow advisers to give their clients the solution that is right for them.”