Discover the latest innovation in later life lending with the Apex Interest Reward, designed for clients interested in making partial interest payments.
- The product provides varying discounts based on the percentage of interest paid, offering financial flexibility to borrowers.
- Interest rates start at 7.81% MER, with the possibility of making overpayments without penalties.
- The initiative aligns with Equity Release Council standards, ensuring the safety of clients’ homes during the term.
- Ben Waugh highlights the product’s role in expanding options for over-55 borrowers.
The Apex Interest Reward lifetime mortgage offers clients the ability to make partial interest payments, coupled with a discount structure tied to these payments. This plan is especially crafted for those looking to secure financial efficiency and manage their own payments. Clients can receive a 0.30% discount for 25% interest payments, 0.55% for 50%, and a robust 0.75% for 75%.
With starting interest rates at 7.81% MER, the product provides competitive financial terms with loan-to-value (LTV) ratios reaching 52%. These discounted rates are maintained throughout the payment period, which is capped at 15 years. After which, even if payments continue, the rate resets.
Aligning with the stringent standards set by the Equity Release Council, this product reassures clients that their homes will not be jeopardised during the agreement’s lifespan. Clients are further empowered with the option to overpay up to 10% of the initial loan value with no extra charges, alongside the availability of payment holidays extending to a total of three months.
Ben Waugh, an authoritative voice in more2life, underscores the firm’s ongoing commitment to product innovation within the later life lending market. Waugh recognises this mortgage product as a pivotal development, enabling advisers and their over-55 clients to benefit from flexible repayment terms and rate reductions. He notes, “We are constantly seeking new ways to meet the needs of advisers and their over-55 borrower clients, and this product offers a way to keep making interest payments while benefitting from a rate discount.”
In the broader context of more2life’s product offerings, the Apex Interest Reward complements the previously launched Maxi Zero ERC product, enhancing the range of financial solutions for potential new entrants into the later life lending sector. This broadened suite of offerings aims to provide a wider choice for advisors and suitable borrowers alike, particularly those at the refinancing juncture.
The Apex Interest Reward marks a significant step forward in offering flexible and secure financial solutions for the later life lending market.
