Search Results for: mortgage guarantee
The range offers up to 85% of build costs and up to 80% of the value of the completed property with a maximum loan of £750,000.
Stuart Wilson, chief executive at Air Group, said: “The Later Life Lending Census has brought to light a number of key areas which we certainly need to tackle if we are to grow this market and make the most of the underlying fundamentals which should trigger demand.”
Loan amounts are typically between £10,000 and £1.5m, but higher value cases will be considered and no-negative equity guarantee and inheritance protection is available.
Alex Edmans, head of financial services at Saga Personal Finance, said: “These brand new benefits, not available anywhere else, offer our customers another level of reassurance when it comes to equity release.”
The service, available across the Just For You range, means intermediaries can tailor a lifetime mortgage to each individual client.
While it is positive that lenders are passing competitive rates onto consumers, buyers will need significant deposits, typically of around 40%.
With house price inflation outstripping pay rises, many aspiring buyers are also struggling with lenders’ affordability criteria.
Nine months of consecutive increases in mortgage availability has seen total product choice reach its highest level in 16 months, with 4,512 deals on offer.
These mortgage products are available for the purchase or remortgage of properties in England and Wales.
Mortgage brokers come in all shapes and sizes from advising on standard residential loans to a variety of specialisms.