Retirement Advantage has launched an equity release product catering for the high net worth called Prestige Options.
The product has an interest rate of 5.29% and is available to over-60s on properties worth up to £6m, with a minimum loan amount of £250,000.
Prestige Options provides customers with a one-off cash payment, with interest being added to the loan.
Alice Watson (pictured), head of product and marketing at Retirement Advantage Equity Release, said: “Having received many enquiries from homeowners in high value properties, we believe now is the time to offer a product specifically suited to their needs.
“These homeowners can now raise cash lump sums of up to £2m from their property value, and the Prestige Options product means they do not need to make monthly payments.
“The launch of this product is further evidence of our commitment to supporting as many property owners as we can. It follows our unique range of buy-to-let mortgages for older landlords introduced last year.”